Curaçao's lawmakers have finally approved and passed new gambling regulation norms called the LOK. It covers legislative and licensing aspects of the RMG industry.
Politicians endorsed the suggested model on December 17th, and the country’s governor signed the initiative into law a week later. The bill was supported by a majority of 13 to 6.
New Regulation: Changes and Objectives
Discussing Curacao’s budget for 2025, which was officially passed on December 13th, the state’s Minister of Finance revealed several important insights. Javier Silvania’s statement indicated that the GCB, a local wagering regulator, had processed thousands of iGaming licence requests.
According to the expert:
- over 220 certifications have already been issued in 2024;
- about 600 brands are expected to get permits by the end of Q1 2025.
The country’s old casino legislation program, which granted master authorisations, has been cancelled, so current documents are now considered expired. To comply with the fresh rules, all licence holders were required to re-apply for a new certification.
Now, the regulator grants several types of permits depending on activities:
- B2B;
- B2C;
- B2B2C.
The LOK’s primary goal is to improve the jurisdiction’s image as an optimal destination for opening grey RMG businesses. Mr Silvania said the passed framework enhances market safety by filtering out unlicensed gaming brands.
Challenges on the Way to Success
The GCB implemented the new regulatory system by Q4 2024, as its members had planned. Nevertheless, at some point, the schedule seemed impossible to achieve. The institution’s Managing Director pointed out some delays in processing a large number of certification applications. Additionally, in Cedric Pietersz's opinion, submissions received in the summer were rather of poor quality.
The specialist noted that many companies did not manage to cope with the new standards from the first attempt. A lot of brands delivered incomplete packages of the necessary documents, which forced the authorised body to refuse dozens of requests in the 1st licensing phase. Processing all the applications under such conditions took even more time. However, the situation stabilised.
Additionally, the GCB was accused of being dishonest about implementing the new framework, which could cause issues related to corruption and other frauds. Because of this, in November, the authority partially laid out the approval procedure, emphasising the transparency and legality of its operations.
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