Curacao Gambling License: What’s It’s Worth?
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Introduction: Curacao Gambling License
Is a Curacao gambling license worth the paper it’s written on? Well, as you probably already know, there is any number of countries that offer the operators of gambling sites the possibility of obtaining a license. These countries are meant to be responsible for vetting these gaming companies, and if all is good, then issuing them with a gaming license. One of the largest authorities in the industry is Curacao. It’s a Lesser Antilles island country in the southern Caribbean Sea and the Dutch Caribbean region, about 65 km north of the Venezuelan coast. It is a constituent country of the Kingdom of the Netherlands.
As a gaming authority, they have issued hundreds of licenses and are continuing to grow in this business. Curacao eGaming is certainly doing something right, as they continue to attract many new companies, who are keen to register and start operating as legit gaming companies. But there’s a number of reasons for their popularity. One major point is their very lax tax standards, Another is they don’t really vet anyone, as shown by the fact that they have never turned away any company that can cover the fees associated with getting the license.
Rubber Stamp Countries
These lax standards have led the country to be called the “Rubber Stamp” jurisdiction. In the pecking order of reliable licenses, if you have one from Curacao, then expect to be viewed with some suspicion thanks to their weak guidelines. On the other hand, they are beginning to realize that they need to up their standards in order to remain competitive. But is it all too little too late in an effort to save a sinking reputation? And should you, as an online gambler, put any faith in casinos holding a license from the tiny island?
Brief History of Curacao eGaming
When it comes to real money online gambling, Curacao was one of the earliest licensing bodies to start up. They originally launched as “Cyberluck” way back in 1996. Other exotic jurisdictions were also starting around this time and they included Belize, Costa Rica, and Antigua. Everybody and their dog was looking for a slice of the action. And it appears that there are enough gambling companies setting up that there is plenty enough business to go around.
But Cyberluck managed to develop a reputation of being super lax when it comes to any oversight of the companies it happily dished out licenses to. In fact, many casinos and sportsbooks with a Curacao gambling license closed their doors and left the customers high and dry. Players saw their accounts plundered and the company owners disappeared into the ether. Unfortunately, Curacao did nothing but sat on their hands as companies stole right and left from loyal players and customers. In the end, a re-branding was needed. And so Cyberluck changed it’s name to “Curacao eGaming in the hope that this would mark a new beginning and improve a tattered reputation.
Reputation Is Everything
And, yes, in truth things have changed for the better. But Curacao is still very much “hands-off” when it comes down to disputes between customers and the gambling companies it represents with its licenses. They just provide a location from which these companies can operate. Nothing more. But you have to keep in mind that the tiny island is actually a constituent country to the Netherlands. And because of this salient fact, Curacao has recently started to wake up to the fact that their bad reputation has consequences thousands of miles away. As we’ll later see, the Netherlands Ministry of Finances has recently taken the online gambling sector under its wing.
Characteristics of a Curacao Online Gaming License
Without a doubt, Curacao is one of the cheapest jurisdictions to obtain a gaming license. In fact, the “master license” is issued for a fee of just $35,000. After this initial fee, you’ll need to pay a monthly fee of $5,900 each month for a total of 2 years. They also require you to pay a 2% tax on annual profits. This is extremely cheap when compared with other licensing jurisdictions. An added bonus is that these “master licenses” can then be used to cover all aspects of gambling, from casinos to sportsbooks and poker tournaments to lotteries. Almost all other issuers will only issue one license per activity. Not only that, but the main license can act as a “sub-license” towards different skins. So, for example, a software company like Microgaming can have all their products covered by the one license.
Finally, we should say that these Curacao licenses are very easy to obtain. Just as long as you dot your i’s and cross your t’s, along with providing the fees, then you’re good to go.
Why Does Curacao Attract Rogue Operators?
There appear to be a high number of “rouge” operators situated in Curacao. They are nothing but dishonest with customers and have zero qualms about cheating. There are many reasons why these types of companies flock to Curacao, but the following are the major ones.
Curacao Gambling License: Low Fees
If you compare what other jurisdictions require, then it’s easy to see why Curacao is so popular. For example, Antigua needs a $15,000 application fee. And then, if you’re successful, a $100,000 annual fee on top of this. The UK Gambling Authority charges very little for the application process. But they do charge a massive 15% of all gambling revenue after that.
High Rate of Approval
If you were to apply for your gaming license via the UK Gambling Authority, the Danish Gambling Authority, New Jersey Division of Gaming Enforcement, then there’s always a good chance of rejection. That’s because they really do carry out a very thorough background check on everyone involved. But the same cannot be said of obtaining a Curacao gambling license. As long as you have the fees, then you’ll be approved. It appears that the last thing they care about is the quality of the companies and operators who are actually purchasing these licenses from them.
Little Oversight
To say that the country is “hands-off” might not be an exaggeration. They do nothing for any gambler who has been ripped off by one of their licensees. It must be said that there are other very lax jurisdictions out there, but Curacao takes the biscuit for not giving a damn. There’s absolutely no disciplining of rough operators. And they don’t care about the customers’ experience. By the way, we’re not saying that all companies with a Curacao gambling license behave in this manner. Some of the best jackpot sites can be found there. It’s just that there are a disproportionately high number of charlatans operating out of this tiny island.
Ability to Serve Numerous Countries
If you have a master license from Curacao, then you’re good to go for most of the world. Countries that fall outside of your license include:
Aruba
Bonaire
Curacao
France
The Netherlands
Saba
Statia
Maarten
Singapore
US
Though the US market isn’t covered by the license, we think that there are enough countries on the list who are covered to keep any operator in clover.
Curacao in the Process of Stepping up Their Standards
For the last couple of decades, the Ministry of Justice has been running the show. But changes are coming. All land-based casinos fall under the eye of the Ministry of Finance. So it’s only natural that all online gambling activities should follow suit. A new body, the Ministry of Finance’s Gaming Control Board (GCB) will oversee all online gambling matters.
The Finance Minister, Kenneth Gijsbertha, has sworn to improve the countries terrible reputation as far as it’s licensing laws are concerned. “In the case of games of chance. Fairness of the offered payment of the prizes is not guaranteed, which disadvantages players and seriously detracts from the international image of Curacao.” The minister also wants to put into place much more stringent standards for obtaining licenses and also to ensure that all operators conform to international law. Apparently they want to ensure that both terrorist and money launderers can’t use the island’s’ gambling laws in order to carry out crimes.
It’ll be interesting to see if this will result in improvements in their practices. We’re certainly not holding our breath. Yes, of course, there is some licensing jurisdiction that is even worse. Looking at you, Belize, Costa Rica, and Panama. But to try and improve a reputation that’s lower than whale poo, is going to be an uphill task.
Conclusion: Curacao Gambling License
The problem is that Curacao’s history doesn’t inspire much in the way of trust in their licensing authority. They do a terrible job of checking out potential operators. They don’t give a flying fig as to the quality only that the fees are flowing in. When you see the Curacao shield on the bottom of a website, all it means is that they put up the fees. Remember kids, that if you have a problem dealing with a company licensed in Curacao, then don’t expect them to get involved. Curacao eGaming has never once stood up for the little guy. And that’s why, these casinos can get away with stealing your funds, not paying out winnings or offering non-existent bonuses and promotions.
Not All Bad Apples
We’re not saying that all Curacao sites are going to be bad. Just be on your toes when you’re checking out an operator with a license from these islands. We also suggest that you spend some time and read our reviews on the various types of licenses and the who’s who of those that hold them. It’s essential that you only play on a casino site where they pay out in a timely manner, run fair games and offer good customer support. Imagine winning at jackpot slots and not getting a payout.
If being under a new Ministry can help improve the reputation and reliability of having a Curacao gambling license, then it’s something that we’ll certainly applaud. But they ave a lot of ground to cover if they want to start making a difference. We’ll certainly let you know if these promised changes come to fruition.
