The discussion of the The National Ordinance for Games of Chance (LOK) is scheduled for early next week according to the parliamentary timetable.
This means that the legislative initiative aimed at tightening control over the world’s largest offshore gambling jurisdiction will enter its final stage in the coming days.
The reform includes by abolishing the old double-layered licensing system, in which the four historic master licences sub-contracted out licences to offshore operators which in practice faced far less stringent oversight than stated under the official regulations.
This process is the result of reforms initiated in 2022, when the Dutch government tied the provision of financial aid to Curaçao in relation to Covid-19 with a commitment to carry out “structural reforms,” including changes to the online gambling sector.
The draft of the new gambling law in Curaçao was first introduced in December 2023.
The main objective of the law is to reform the sector by creating a new regulator, tightening operator requirements, and enhancing regulations.
Supporters of the law argue that it will help establish a more transparent offshore gambling industry capable of thriving in the 21st century, while critics believe that unscrupulous operators will still be able to continue their activities under the new system.
During the discussions of the draft law, concerns were raised by the Lesser Antilles island’s Advisory Board, Bar Association and various Members of Parliament.
The legislation is nearing completion amid accusations from an opposition politician about the process, linked to a scandal involving the previously licensed offshore operator BC.Game.
Meanwhile, the Foundation for the Protection of Victims of Online Gambling (SBGOK) has filed lawsuits on behalf of players of offshore operators against their Curaçao entities.
This has led to the bankruptcies of several companies, including 1XBet, BC.Game, and the former master license holder Cyberluck.
According to sources, such legal maneuvers will be significantly more complicated under the rules proposed in the current draft of the LOK law.
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