Online gaming operators of Curacao could soon confront a seriously plummeted clientele as the rulers of the small island finally succumbed to given pressure from the Netherland to install new guidelines and procedures for issuing more developed licenses to eager virtual casinos and gaming companies.
Curacao’s economy is heavily dependent on its tourism industry which has suffered a huge blow this year because of the unexpected measure taken to curb the prevalent spread of the coronavirus. To cope with the total loss, the island has taking financial support from the mainland.
When the island received the second tranche of economic support in May 2020, Curacao was informed that no further fund will be sent from the Dutch Government if the island takes some obligatory measures. The instruction of some particular restrictions for approving virtual betting licenses and other shifts in the procedure of handling gambling industry-related matters were distinctly outlined in Country Package agreed between the Curacao Government and the Netherlands.
Thousands of virtual casinos and gaming sites presently run with Curacao issued licenses. However, all these are frequently targeting consumers from some territories which are not permitted to operate in. This situation is set to reform by the guidelines of the Country Package.
Curacao now has to form a new regulator that will be authorized with predicting the nation’s betting industry and providing licenses to eager online betting operators. The regulatory officials must be constructed and prepared by March 1, 2021.
The regulator will also be told to revoke all the licenses of operators that are not complying with local regulations and rules. At present, several of Curacao’s master licenses, especially private telecoms, are about to sub-licensing sports-betting sites and virtual casinos.
Operators who have licensed in Curacao, don’t pay taxes on their earned revenues from offering virtual gambling services. This condition is set to change soon.