Curacao is well known in the gambling industry as hundreds of companies have obtained a license from this regulator. What appeals most to startup companies just getting started in the industry is the favorable regulatory environment Curacao offers. There is less restriction when you obtain a casino license from Curacao. This makes it perfect for startups as well as existing companies. The Curacao Gaming Control Board (CGB) is in charge of licensing.
For online casinos and other gambling businesses, a Curacao license is often a stepping stone into the industry. It can be very quick and straightforward to gain a casino license from Curacao. Another reason companies prefer obtaining a gambling license from Curacao is the cost. You can expect less overhead when applying for a Curacao license. The island’s regulatory rules allow companies to get involved in a range of gambling activities, including lotteries, casinos, and sports betting.
If you are new to the gaming industry, a Curacao license is your first step in the door. It will give your company access to get started and operate legally within certain jurisdictions. Once you begin operating as a company within the gambling industry, you will learn about the other gambling licenses available to you. There are undoubtedly other online gambling licenses that will open even more doors. This article will set out how to gain a Curacao license and all the benefits and downsides of the license.
Types of Licenses
There are generally two types of licenses available through Curacao: a master and a master license. The sub-licenses can be issued by master license holders. Since 2023, a new rule has been implemented, which means master license holders can only renew sub-licenses. The government of Curacao only issues one type of license. The master license holders are:
- Cyberluck Curacao N.V. (Curacao -eGaming)
- Gaming Curacao
- Curacao Interactive Licensing N.V.
- Antillephone N.V.
These are the licenses players can find at gambling sites knowing they are dealing with legit and safe operators.
Requirements to Gain a License
Even though it is not too difficult to obtain a Curacao online gambling license, there are still requirements that must be met. These include:
- Complying with Customer Due Diligence (CDD)
- Know Your Customer (KYC)
- Understanding and reporting Ultimate Beneficial Owners (UBOs)
A bigger share of all casino sites and betting operators work under Curacao license.
Benefits of Curacao License
You will find that bookmakers with Curacao licenses get benefits in several ways:
- They receive a gambling license, which covers many different gaming activities.
- Цhen it comes to taxing the company will pay 0% corporate income tax and only 2% of net gains tax.
The government of Curacao is actually in the process of making things even simpler and cheaper by obtaining a gaming license. Many companies will want to expand beyond Curacao to enter new gambling markets. Curacao allows companies to enter the gaming industry easily.
Expanding Beyond
It is worth bearing in mind that a Curacao license does not carry as much weight as other
more respected casino licenses in the industry. If we compare the Curacao gaming license with the UK or Malta license, they are very different. To gain a UK Gambling Commission license, there are many more regulations and restrictions and a higher cost. The same is true with a license from the Malta Gaming Authority. These two gaming licenses are the most respected and reputable industry as they are strict. If your business holds a license from either of these two jurisdictions, you will likely be welcomed by a host of countries worldwide.
The Downsides of a Curacao License
While there are many advantages that come with a Curacao gaming license there are some limitations that come with it too. The list below illustrates some of the things you need to remember with a Curacao license:
- As a Curacao license is not held in the same regard as other top gaming licenses like Malta and the UK, this affects trust in the license. This places a seed of doubt in many players’ minds which has a knock on effect on the operators licensed with Curacao. This all stems from a Curacao license not displaying the credibility that other jurisdictions carry.
- It is clear that a Curacao gaming license lacks regulatory framework and oversight making it weak. There is a real lack of robust enforcement measures when compared with other regulators. As a gambler this could potentially expose them to unfair non transparent gaming practices. This is something no player wants to feel or be exposed to.
- Market access is important for regulators like Curacao, so even though Curacao allows operators to target gamblers from different parts of the globe, there are some restrictions placed by markets which require specific licenses. With this in mind it is clear that this will restrict Curacao-licensed operators to enter specific markets.
As you can see from this breakdown of the cons of a Curacao gaming license, you must have an open mind. Using a Curacao license is a brilliant way to start up your enterprise in the gambling business. It will then be your decision if you require a more robust and respected license to go further.
Final Thoughts
Overall, Curacao is a great starting point for any company wanting to gain access to the online gambling and betting industry. But whether it is the final destination depends on regulatory requirements, whether you have any market expansion goals, and, of course, the company’s long-term objectives.
