Curacao eGaming, one of the oldest casino regulators and providers of organized iGaming facilities, is currently being supervised by the local government and the country’s established Gaming Control Board (GCB).
Both state officials and the Board, which has formerly been overseeing only the land-based industry, are now monitoring the online sector with greater vigilance, having devised a plan to enforce more rigorous control measures for the provision of betting and wagering services on the internet.
The reason behind this decision to reinforce the legal framework that directs the country’s online betting industry, was prompted by the growing concern over what has been cited as a possible connection between gambling and money laundering. Among other reasons are alleged illegal activities, defined by law as serious criminal offenses, such as:
Gaming Control Board (GCB) which now monitors the physical casinos will also oversee the online sector.
Furthermore, the government has exposed plans to strictly control the provision of online wagering services.
As a result of the “shadow market” trade in sub-licenses, certain Curacao-licensed online brands have been able to operate largely free of reprimands in recent years. The purpose of this kind of market is to shield participants from due governing protocols…
…and transparency of conventional marketplaces.
The shield was found behind web companies located in foreign locations, while many operators have their services and actions run in Curacao by a local trust office.
Along with licenses by the island’s trust offices, the practice of having their activities run by them ended in the formation of the “shadowy trade in sub-licenses.”
Demand For iGaming Regulation:
With hundreds of online betting companies running their businesses, generated revenue flows into the black market, instead of fueling the economy and helping the country sustain and further develop its socio-economic standing.
Therefore:
Ronald van Raak, member of the Second Chamber of the Dutch Parliament, has expressed concern over the unconstrained unlawful activities within the sector.
Also, the Dutch Gaming Authority is concerned about a number of websites that are illegally targeting the Dutch market from the capital of Curacao, Willemstad.
Recently, politicians in the Netherlands showed little ambition to properly regulate the market, as they are in serious need of appropriate gaming legislation.
The sector is giving the country of Curacao a bad reputation…
…with many suppliers having the perception that they only pay a minimum percentage of the deposit as prize money.
Given the seriousness of the situation, GCB will have a lot on their plate:
International alerts and warnings are issued for wagering sites operating under Curacao license, and still, there is no improvement, despite the apparent urgency to curb the felonious trade.
Commenting on the latest happenings, Ronald van Raak said:
“It is very good news that Curacao wants to tackle illegal gambling worldwide from the island, because this causes great damage, even on the island itself.
“As is shown among other things, by the conviction of former prime minister Gerrit Schotte.”
“He was bribed by the international gambling boss Francesco Corallo, who is now in court in Italy for bribing leading politicians in that country.”
He praised the island’s actions to deal with illegal gambling by adding:
“This multi-billion industry does not yield anything for ordinary people on Curacao, but it does pose a threat to the political stability of the island. In the past I have asked dozens of questions to the government of Curacao about politics and the gambling industry, I hope that the Government's intention to control these illegal practices will also be a reason to answer my questions.”
Curacao, known for its beaches tucked into coves and its rich marine life, is one of the longest-running regulated iGaming providers, with the mission to:
“Supervise and ensure the integrity and conduct of Curaçao eGaming IP operators and providers of services”
A number of changes is expected to happen within this jurisdiction in 2019, as well as for their licensees, and both the customers and reputable operators are maintaining a hopeful outlook.
Source:
“Government to tighten supervision of online casinos”, Rene Zwart, curacaochronicle.com, December 20, 2018.