WILLEMSTAD - Curaçao’s Parliament is set to discuss the new Gambling Ordinance (LOK) next week. The proposed law aims to tighten oversight of the online gambling sector by introducing a new licensing system and establishing an independent regulatory authority. This will replace the current double-licensing system, which has faced criticism for its lack of oversight and its negative impact on Curaçao’s reputation as a gambling jurisdiction, according to The World’s IGaming Community on their website, Next.io.
The reform stems from conditions tied to Dutch financial support during the COVID-19 pandemic in 2022. Under the LOK, operators will need to meet stricter requirements, addressing issues like the bankruptcies of BC.Game and 1XBet. However, critics remain concerned that unscrupulous operators may still find ways to exploit the new system.
In addition to economic implications, the legislation also targets legal challenges. The Foundation for the Protection of Online Gambling Victims has filed multiple claims against bankrupt gambling companies, resulting in court rulings and closures. The proposed regulations aim to reduce the likelihood of such incidents in the future.
Proponents believe the law will enhance Curaçao’s position as a global gambling hub by ensuring greater transparency and reliability. While supporters see the legislation as a pathway to a more sustainable sector, opponents warn of potential loopholes in the regulations.
The decision in Parliament will be pivotal in shaping the future of Curaçao’s gambling industry.