Creating a legal and transparent online casino sector has become a matter of significant importance for the Curacao gambling jurisdictions. The online gambling sector of Curacao began to reform while a new licensing phase announced in Denmark. The Deputy Home Secretary for the Kingdom, Raymond Knops describes the situation in his letter in that way.
Based on a signed agreement between the Curacao and Netherlands’ authorities, this amendment in legislation is to take place. Netherlands will provide necessary Covid-19 pandemic financial support to Curacao if the island country can bring demanded changed to their license structure. According to the Curacao Chronicle reports, to reform the national laws, several conditions have to face by the government.
Curacao’s Strict Rules for Online Casinos
The creation of a legal and transparent gambling sector is an essential requirement of the reform packages. These packages will be of three kinds.
In total, three packages will be there.
By March 1, 2021, as part of the State Package, the Curacao authority has to prepare a plan for the operation and establishment of the gambling sectors of a single regulatory body. The same power will carry out further sanctions and licensing for the operators.
At present, four betting operators are playing the conditional role of the regulator – the primary license holders. By asking one of the four companies, other providers can acquire a sub-license. Simultaneously, the sub-license fees go to the primary license account, and it’s not contributing to the state budget.
According to the following requirement, by September 2021, the outside operators of the Curacao license must comply with the gaming laws of
Curacao and with the other operating countries. Such a rule does not consist of the current rule. Under these conditions, the Curacao license holding online casino will serve the Curacao players only. As a result, the sales market will decrease drastically.
Operators’ income tax rate is the third reform. According to the agreement terms, gambling tax, all license fees, and corporate tax will charge by the fiscal authorities of Curacao. 2 per cent of the generated profit will be deducted by the providers in the current period and in-state budget’s e-business area.