The longstanding center for international operators, Curaçao, passed a significant set of reforms to its online gambling laws on December 17.
The decision came in the context of intense scrutiny faced by the hub because of a licensing scandal following the Ministry of Finance’s ruling to start issuing new gambling licenses ahead of the bill’s passage and a massive corruption scandal involving high-ranking officials, regulatory bodies, and global players in the gambling and cryptocurrency sectors.
LOK’s Approval, the Most Significant Overhaul in Decades
The National Ordinance for Games of Chance (LOK) was approved by 13 lawmakers, with six voting against it, according to Aideen Shortt, an advisor to the Ministry of Finance.
The bill had been introduced for parliamentary discussion just a few days earlier, as reported by NEXT.io.
This reform is the highlight of a difficult process that began in 2022 when the Dutch government tied Covid relief to legal changes, including a mandate for Curaçao to address issues within its gambling sector.
As part of these reforms, the government aimed to improve the island’s reputation and regulate its online gambling industry more effectively.
While it remains unclear exactly when the bill passed, sources say that the parliamentary debate ended with a scheduled two-hour break for the finance minister to address questions.
Despite the uncertainty about the timing, local sources indicated that the bill had not passed by 8pm, when the local newspaper Antilliaans Dagblad went to print.
The approval of the LOK marks the most significant overhaul of the island’s online gambling regulations in decades.
Enhancing the Sector’s Oversight
The bill’s goal is to enhance oversight of the gambling sector, making sure that better control is in place while cutting the number of unregulated operators.
The LOK wants to replace the outdated system built around a two-tier structure where the Curaçao Gaming Control Board (GCB) regulated only four historic master license holders, who in turn sublicensed permits to other companies, with a more conventional model.
The new model would feature a revamped regulator that would directly oversee all online gambling licenses.
However, critics argue that the LOK still contains significant gaps in its regulatory framework, raising concerns about its effectiveness in achieving its goals.
Since the mid-nineties, Curaçao has grown into one of the world’s largest offshore gaming jurisdictions, licensing tens of thousands of global operators through its gaming regulator.
