What do we know about Curaçao at all, and even more so about the licences this jurisdiction issues? Curacao is not even a country, but an island in the Caribbean Sea, which belongs to the Kingdom of the Netherlands.
The jurisdiction has no particular reputation. It is known that the territory is trying to do everything for the convenience of companies and for the benefit of the island, but not for the protection of clients of those companies that settle there. Therefore, the licences that are issued on this tropical island give no guarantees to betting and casino players. But is everything really that bad? We sort it out with BestAuCasinosOnline.
How do online casinos and betting companies obtain a Curaçao licence?
First, you need to open a company in Curacao, as only local companies can obtain a gaming licence. Operators are also required to have their server located on the island to store at least their customer information. It will need to be maintained by a local hosting provider. There are other requirements as well:
- No criminal record for the owners;
- Copy of owner's passport;
- Copy of the owner's utility bill, no older than 3 months;
- Bank account statement of the owners, not older than 3 months;
- A certificate confirming that the Random Number Generator used on the website is working fairly;
- An assurance that minors will not be allowed to play;
- The website should provide information on gambling addiction;
- Must provide details of the software to be used on the site;
- There should be a description of the games that will be used on the site.
Owners must also indicate which market their services will be aimed at.
How much does a Curacao licence cost?
Casinos have to pay 4,500 euros per year for the licence. This is only an approximate price. 1,000 Euros goes towards applying for a licence. The casino owners themselves will not deal with the business of registering a company, opening a bank account etc. Therefore, it will be necessary to pay a local company for these services.
A legal entity registration service will cost up to €6,500, an annual management fee of up to €5,250 and about €200 per month for administration. About 1,200 euros for the server and 5,000 euros a year for the hosting. It turns out that in the first year the owners will pay about 20-25 thousand euros. There are also cheaper options.
One licence covers all areas of gambling: casino games, sports betting, lotteries and even games of skill. Once all documents are submitted it usually takes no more than 3 weeks before the licence is issued.
United Kingdom Gambling Commission (UKGC) comparison
As you can see, getting a Curacao licence is very easy and quick. You don't have to meet numerous requirements. In fact, the only item that indicates that the regulator cares about players is providing a certificate of honesty for the GCGC. Otherwise, everything is aimed at attracting investors to the country and allowing local companies to make money. Online casinos only pay 2% tax on profits. No tax is taken on players' winnings, but each player is obliged to pay taxes according to the laws of their country.
UK Gambling Commission, for example, requires compliance with a lot of conditions including technical, social responsibility, anti-money laundering etc. It obliges to allow players to set limits on deposits, bets, losses.
UK Gambling Commission doesn't accept complaints from players directly, but requires casinos and betting sites to cooperate with independent organisations, which will consider disputable situations. There is a special list of those who can be chosen by the operator. Among others, this list includes IBAS and eCOGRA. Moreover, casinos and betting sites are obliged to send the results of each dispute for which the player has contacted an independent party.
Reliability of Curacao-licensed casinos
The difference in the attitude of the two regulators is obvious. One focuses on security, the other on business development. A Curacao licence does not require much from online casinos and betting sites. Therefore, there are honest, quality operators as well as bad and not entirely honest ones. When it comes to casinos that are only licensed in Curacao, you have to be careful and pay attention to reputation, player reviews and complaints.
How can a casino or betting site be dishonest? When using licensed software, there's nothing they can do about the payout percentage of the games. But withdrawals may be delayed or refused for no reason. Various other problems are also possible. Then you will not even have anywhere to complain.
Complaints on the partner sites may only affect your reputation, but there will be no real punishment for the operator. According to some reports, the Curacao eGaming Licensing Authority does not even respond if players write to them asking them to look into unfair treatment cases.
Can casinos and betting sites with a Curacao licence really not be trusted?
Licensed live casino Australia and betting sites in Curacao are quite numerous. There are both trustworthy and untrustworthy ones among them, so before you make a deposit or even register, it is best to read up on the payouts and other aspects that are important to you beforehand. If you're still worried about having nowhere to turn in case of problems with the casino, it's better to choose operators that actively support their customers through forums or their partner websites.
How to check if a casino or betting site has a license
The way to find out if a site has a licence, and what kind of licence it has, is to visit the website and scroll down its homepage. Another way is to check the footer of the website for the logo of the relevant jurisdiction, and click on it to go to the licence confirmation page.
Aside from verifying your gaming licence in Curacao, you can also verify the authenticity of company details in that jurisdiction using the casino or betting site's logo, registered address, registration number, licence number or any other official information.