casino news Overhaul Mandated By The Dutch Government
The government of Curacao has announced that it will revamp its iGaming licensing system in the coming weeks. According to the government, the move is part of a much more comprehensive financial rescue package. The island, which houses close to 160 people, has had a tough time battling the economic challenges presented by the coronavirus pandemic.
The small Dutch island gets a bulk of its national income from tourists visitations. But the pandemic has led to a reduction in the number of tourists visiting the island. Sources say that island asked for a bailout from Amsterdam, but it has been asked to overhaul its iGaming licensing if it hopes to receive anything substantial soon.
Right now, Curacao is one of the few regions left where iGaming licensing conditions are lenient. But the impending overhaul will see the introduction of more demanding regulations on online casinos and betting sites. The new reform is expected to be functional at the end of the first quarter of 2021. The island has been given a period of 12 months to bring every one of the online domains under the new regulations.
Sources say that the relief package from the Netherlands is to force the Curacao Gaming Control Board to make rigid anti-money laundering rules and start the comprehensive collection of iGaming licensing taxes and fees. The control board will also be mandated to revise its protocols against the funding of anti-government organizations. In addition, the regulator will make more strict rules to govern the island’s casino industry.
Reactions To The New Rules
The news that Curacao might have a rigid iGaming regulation has caused a bit of worry in the casino industry. There are already concerns about whether or not the island will retain the services of the vast number of online casinos and sports betting domains it currently houses. The island and its regulatory body have been seen as a convenient destination for such online operations thanks to its relaxed approach to issuing gaming licenses.
We would just have to wait and see if some of these online casinos will remain or if they will take their businesses elsewhere.
