Tiny island Curacao is under the severe pressure of the Netherlands, which is imposing stricter laws and regulations restricting the access of the gambling operators. Curacao-licensed gambling operators who are operating their business online is going to face a great reduction in the clientele due to the introduction of this new law. Researchers say these new rules and restrictions will keep a long time influence on the activities of the online betting companies in Curacao.
Curacao’s Gambling Licensing
As the economy of Curacao is mainly dependent on its tourism industry, this government impact will directly affect its GDP. Because of these unprecedented measures, the tourism industry is going to suffer a lot, and major economic analysts of the country have already shown their concern. This little island nation has very succumbed to the pressure of the Netherland, and if they do not obey the regulations, they will be deprived of the economic support package provided by the Netherland.
The owners of the hotels and casinos are going to get the big blow because of this autocratic action against the casinos this year. But the financial support from the Netherland is really vast for this island nation to reduce the consequences related to the pandemic.
Dutch Government has already announced that their financial support will no longer without the obligations for Curacao. This statement was given in May 2020 with the 2nd tranche of economic support for Curacao.
These regulations have been imposed on Curacao by the use of the country package named Landspakket. A commitment has already been passed by the government of the Netherlands and Curacao.
Thousands of betting sites and casinos are being operated with the licenses issued by Curacao. Surprisingly, they target customers illegally from the territories where they do not have any authority for the gambling operation. Even the areas of the Netherland are also in their betting target, which is really unacceptable.
Curacao has taken the initiative of forming regulatory bodies by the 1st of March of 2021. The regulators are expected to withdraw the license of the companies whose activities are not fully complying with the new laws. Generally, the operators do not provide the taxes regarding their revenue, and this practice is going to be changed too.