Online Curacao Casinos Gambling Licence and Regulation
Curacao is a Caribbean Island and also a constituent country in the Netherlands. It also has one of the longest track records of any jurisdiction in the online gambling industry. Therefore, In 1993, it introduced the National Ordinance on Offshore Games of Hazard, and in 1996 authorities started issuing licenses.
In other words, Online casinos became a part of the international industries, and they quickly found the island the ideal place to set up their business. And so, Curacao is an ideal offshore business hub and one of the most in-demand jurisdictions.
As a result, the Curacao Gaming Control Board, 2019, was made the AML-CFT supervisor for all gambling activities conducted within or outside Curacao, including online gambling. Moreover, the Ministry of Finance and Financial Intelligence manages and regulates online gambling.
Lastly, Curacao has a system depending on different license classes in return for a single framework for licensing and regulation.
There are two types of licenses when it comes to Curacao;
- Master license
So, both of the licenses allow all types of gambling activities. However, the main difference is Master License holders can issue sub-licenses. Most significantly, master licenses are valid for five years.
How Can You Get a Curacao Casino Licence?
Here we look at the benefits of an online gaming license from Curacao. With the rise in online gaming domains and their profitability, many licensing bodies are on the rise. One country that has been at the forefront of gaming licenses in Curacao. Here we look at the costs involved in obtaining such a license and the process of the same.
Curacao is an island country, located in the Caribbean. It constitutes a part of the Netherlands. Businesses here include oil refining, shipping, international finance, and trade. Tourism is also dominant here because of the inviting, warm tropical climate and lifestyle.
Tourism also helps bolster the casino industry here. Since casinos have been the main part of this region’s businesses for a long time, the licensing body of Curacao for the gaming industry is well established. Over recent years the country has become a popular hub for licensing eCommerce such as iGaming across the world.
History of Gaming Laws
For the iGaming industry, Curacao holds the longest record of such jurisdiction. In the nineties, the National Ordinance on Offshore Games of Hazard was formed. This brought in-laws for online gambling. After that, in 1996 the authorities of this region started to issue licenses. Soon, licensing online gambling became a profitable venture here.
It became an industry as profitable as the brick and mortar casinos. The island became the perfect place since it offered good tax rates and modern infrastructure. Today it is a popular business hub offshore for many online gambling domains. It is in demand for issuing licenses to many online gambling companies.
How to Get a Gaming Licence from Curacao?
Licensing process is an established one at Curacao. There are detailed requirements that applicants need to satisfy for obtaining such a license. Steps to get a license are as follows:
- Incorporate a business locally in Curacao.
- Get the necessary paperwork in order for the application.
- Submit the application form duly filled out and pay the application fee.
- Wait for six weeks to get the license approved.
Once an application has been received a team of experts is asked to review the business details. They take into account funds and adequacy of the same for conducting the casino operation.
The team includes technical compliance experts who check domain name legitimacy, and server and platform details. Licensees’ past, such as their bank details and criminal records verification is done before their application is approved.
Also, applicants are asked to open bank accounts locally as well as house some of their hardware resources on the island. However, these aspects need not be finalized before the license is obtained.
What Do You Need to Submit an Application?
During the application process what is checked are the eligibility and credibility of applicants are. As a result, there are some documents that applicants need to submit. This also depends on the number of master license holders of a company. The list includes the following:
- Passport copy
- Reference letter from the bank
- Reference letter from prior workplace
- Utility bill not exceeding 3 months
- Another supporting ID document
Applicants need to assemble all such documents and review the same before they submit their applications. The main license holder needs to ensure that all such documents are in place and that their authenticity can be easily verified.
What Kind of Online Gambling Can You Conduct
Curacao gambling licenses are versatile. They allow online casino operators to offer different types of games. These can include roulette, poker, sports betting, card games such as blackjack, video games, slots, lotto, and others.
Cost of Curacao Gaming Licence
Over the years many corporations have set up their gambling domains, after getting their Curacao license. Usually, there are several cost factors involved. These include setting up a registered office, bank accounts, and different payment handling methods.
These also include the purchase of sub-license from holders of master licenses. Prices do vary as per demand levels. In general, the price of gaining a license lies in the range of €15,000 to €20,000. The cost to set up an online casino under Curacao legislation will be approximately €25000.
Different Components of the Licence Cost
There are different components that make up the total cost of obtaining a Curacao license. It depends on the master license holder as well as other factors. There is an application fee initially and other costs such as:
- Incorporating an office locally
- Fees for local representation
- Legal fees
- Administration and domiciliation fees
- Local ISP and backup services
There are several reasons why Curacao serves as a great jurisdiction for online operators. One of the reasons is low taxes. There are not any fees or taxes that are recurring here. They simply need to pay 2% of the net gains tax.
Along with that, they need to apply and pay renewal fees every year. That is mostly all of the financial obligations for obtaining a Curacao license. Of course, the final cost usually includes the services of consultants in the area. Their guidance is often essential to complete the process of obtaining the license.
There are added benefits such as no charge for VAT. Also, corporate income tax is low. There are no taxes on wagers. The country has had stable legislation and a history of stable governments. Infrastructure is also well established.
These include internet facilities, telecom of high quality, and established financial systems. This provides the right, supportive environment for gaming companies to set up their online operations here.
The license cost break up as of January 2022 is as follows:
Curacao company registration
Acquire or create banking contracts
Perform UBO, KYC, and compliance audit
Part of corporate services
Set up accounts in EU banks; allow PSP funds and open similar accounts
Negotiations with master license holder in Curacao
A master license is a permit that allows the holder to run different eGaming operations. It also provides them with the ability to sell sub-licenses to different parties. Master licenses are issued usually by the Ministry of Justice. Sub-license on the other hand is issued by master license holders.
It also offers them the right to operate different gambling activities. It is a single instance license that cannot be sold to additional third parties.
There are several jurisdictions that offer gaming operators’ licenses. However, there are some advantages that Curacao licenses hold:
- Single sub-license that can cover all varieties of gambling.
- Licensing rates are affordable; they are cheaper than several other jurisdictions that offer licenses.
- Licensing process is fast; after an application is submitted successfully operators are issued a license in 6 weeks.
- All licensed operators are allowed to offer different payment methods including crypto payments.
- Low taxes are another benefit of a Curacao license. There is no corporate income tax and only 2% is charged on net gains.
- A less complicated process of application is another advantage. This helps applicants have more chances of getting their applications processed successfully.
Why Is Curacao Good for Start-Up Companies?
Companies that are new to eGaming will find Curacao favorable, not only as a licensing body but also as the location where to base their operations from. There are several benefits that they provide, which prove ideal for start-ups:
- Funds required for a license holder can be within a budget of €25,000; this can include setting up of bank accounts, payment services, domiciled company, registration of the same, and setting up of hardware infrastructure.
- Taxes on corporate profits is low; all that companies need to do is pay up to 2% on their gains.
- Curacao is part of the Netherlands; this allows one to set up their parent country as part of the EU; this also gives them access to EU banks and IBAN payment accounts.
- Curacao licenses are popular among gaming operators; they recognize such casinos as legitimate. Hence, it is easy for companies to get the white label for their operations. There is easy acceptance among game providers.
- New casinos with a Curacao license are also accepted easily by players; they are familiar with such licensed casinos and find them honest and reliable; as a result, marketing activities have more effect.
- There are several consultants in the area to guide applicants through the licensing process; they charge lesser fees as well. As a result, there are several start-up customers who have been satisfied with the entire licensing process.
Payment Methods in Curacao
The payment system of any licensee should include the following payment methods:
- Credit cards & debit cards
- Bank transfers
- Direct debit
- Digital wallets
- Electronic checks
Digital wallets are a number one option these days, mainly because of the ease and security aspects. Players can easily open and fund their digital accounts on eWallets. The licensing body also encourages licensees to include different eWallets. As a result, most licensees can approach Neteller, Skrill, PayPal, Paysafecard, and others to set up liaisons.
Bank transfers and eChecks are also accepted payment methods in Curacao casinos. In fact, the licensing body requires their casinos to offer such options. Bank transfers are slower methods of moving funds between the player and casino bank accounts.
Many Curacao casinos also accept transfers via wire. The other option is eChecks, these work similarly to paper checks. However, the clearance rate is faster. They are moved by automated clearing systems. Fees are usually not charged or are low.
Cryptocurrencies such as Litecoin, Bitcoin, Monero, and others are readily accepted by Curacao licenses. The anonymity of secure crypto wallet transactions attracts many players. They will enjoy the security and availability of cryptocurrencies as an option to pay for their gambling activities.
When it comes to adding cryptocurrencies, there is no additional license that casino operators need to take up. This works to the advantage of the casino operators. They can offer digital currencies as a payment option and it comes all under the same eGaming license.
There are no restrictions that the gaming control board adds in this aspect. When a start-up is adding such payment options to its website it can simply consult its licensing experts on how to go about it.
Customers Can Check for Licence Validity
This is another reason why Curacao casinos are found dependable. All licenses are required to be mentioned on the official websites. Customers can click on the links provided and visit the official website. Here they can validate the registration details of any casino.
Benefits of a Curacao Gambling Licence in 2022
Financial experts showcase statistics that the iGaming industry is growing every year. Revenues have been climbing and this inspires confidence widespread. Profits are forecasted to be healthy in the upcoming future. Gambling domains are increasingly popular as options for entertainment. Hence, for company owners, sportsbooks and online casinos are worth considering as investment opportunities.
A Curacao gaming license will give the following benefits:
Licensed operators can have peace of mind regarding legalities.
- Finance Options
Licensees get access to merchant accounts easily.
Curacao casinos are numerous across the world; as a result, licensed operators open with a legitimate reputation from day one.
- Access to Payment and Software Providers
Casino owners gain access to a large variety of payment processing systems and software vendors.
The above facts about Curacao, its stable legislation regarding the gambling industry, and its easy licensing process make it ideal as a licensing body. With iGaming increasing in profitability, more casinos are set to start operating with a Curacao license.
FAQ: Curacao Online Casino License
An online casino license holder under Curacao can offer their services in many countries across the world besides EU countries.
In order to set up a gambling company under Curacao, you need to register an office locally. You also need to set up bank accounts and hardware infrastructure here. The application process for the licence is detailed on the gaming body’s official website.
Costs including registration of the company, licensing fees, bank account setup, and KYC services are usually within €25,000.
Costs for obtaining a license average around 20,000 EUR.
Yes, those who have a gaming license need to renew the same every year. They need to pay a single fee for all services. These include backup storage, hosting services, license renewal and company management. Yearly bill averages around €17,900 along with a 6% sales tax.
When you find the license icon on the footer of a casino, click on the same. It will redirect to a website called validator.curacao-egaming.com. Here one can check the license status of the operator. However one should be aware that often the redirected pages are not genuine.