The demolished financial activity and the pandemic coronavirus have caused tremendous economic problems in Curacao’s small Dutch Caribbean island. Observing the intensity of the damage, the Curacao authority has pleaded for help and revamp fund to the Netherland’s central authority. Instead of providing the rescuing fund, the country ordered the island to bring some gaming structure changes. Netherland has forced Curacao to update its gambling license. This update, once introduced, will impact the global online gambling industry.
Netherland has advised Curacao to make a license corresponding to those of the other EU countries. The three prime changes the country demands are will push the system in that way:
- Higher price for issuing a master license
- Preventing player targeting
- More inspection and oversight
This may make the license even harder to get. It may seem more unachievable to the new operators from the developing nations who only just begin to pop out recently. However, once all the demands are fulfilled, it will increase the value of the license.
Financial Assistance Package
The Curacao island may have an image as a tax paradise in many people’s minds. They may also get benefitted from the fact that even after being located in the EU, the island doesn’t have to follow all the restrictions established by the EU. Moreover, the island is massively picturesque being one of the Caribbean islands, and it shares an equal standard level as the mainland.
The assistance from the mainland is immensely lax, and it doesn’t infringe any of the region’s autonomy. But it will force some additional laws corresponding to the EU ones, which are followed by the Kingdom of Netherland.
Some of the laws include a prohibition in banking, service prohibition, and prohibition in gambling. These laws may also prevent some scope of the business, but the mainland’s aim is to focus more on the Curacao-based companies.
Local Markets
The changes in license rules will impact the local market massively. The local markets which are connected to the island and the online gaming industry will take the most exposure to the changes.
The world’s greatest gamblers from Australia join online gambling, which is secured only with the Curacao license. So do the gamblers form Netherlands ‘ mainland and Spain. All these areas’ local gaming market will be affected when the changes in Curacao’s license will come into reality.