Curaçao is an island country located in the south part of the Caribbean Sea located, near to Venezuela. The country is one of the four parts of the Kingdom of Netherlands (the other three parts are Aruba, Sint Maarten and of course Netherlands).
Until 2010, Curaçao was part of the Netherlands Antilles (Read about Netherlands Antilles Dissolution, it is really interesting).
Curaçao Economy is based to three sectors: Oil, Tourism and offshore international financial services (offshore companies, gambling, offshore banking etc). As mentioned by the World Bank, Curaçao Economy is a well developed economy and Curaçao is a rich country offering to its citizens a high standard of living.
Regarding Online Gambling Sector, Curaçao, the first country that produced legislation for online gambling activities, is one of the most famous jurisdiction to set up and run an online gambling business since 1996.
Nowadays Curaçao remains a simple jurisdiction to license and start an Online Casino, however the choice of Curaçao may not be the suitable choice.
The laws of online gambling are complex, and if an online casino aims to attract customers in Europe or other regulated markets, then the Curaçao License may not be enough. A Curaçao license is useful for an online casino that aims to attract new players from the US (Be aware that some states are forbidden), Canada, Australia and other markets such as Arabic, African and other countries. But let’s take a closer look at the benefits of a Curaçao License.
Pros of a Curaçao Gambling License
- A cheap solution for a start up online casino: With the worldwide gambling market increasing rapidly, Curaçao remains a good option to start a small online gaming business with low funded share capital. The set up process is quick, cheap & simple compared to other jurisdictions. These low licensing standards make Curaçao a gambling license heaven. The time needed for setting up an online gambling company is between 2-3 weeks since no many documents needed. The corporate income tax is very low, only 2% of Net Profits (no import duties and sales tax is charged), and will be the same until 2026. Administration costs are very low since a Curaçao offshore company doesn’t have to audit and Annual filing of financial statements are not required. These facts allow to calculate with accuracy your business plan. The total cost is something between $20.000 – $30.000 depending on the services needed. Due to the low set up and operation cost, Curaçao online Casinos offer very lucrative sign up bonuses to players, High Roller VIP accounts etc, progressive jackpots etc…
- All in one package (All inclusive!!!): Most of Curaçao Licenses are sub-licenses. This means that a private company holds the “Master License” and offers to other companies “sub-licenses”. Since 1996 only 4 Master Licenses have been provided by the Government of Curaçao. The sub-license has the some power (and even more) than the Class A License in other jurisdictions (such as Malta). A Curaçao sub-License covers all gaming products — No need to get special license for online casino, and a separate special license for sports betting. A single sub license gives you the opportunity to offer all kind of games… Classic Slots, Progressive Slots, Video Poker, Bingo, Poker, Sports Betting, Live Casino, Baccarat, Roulette, Blackjack, Keno, Skill games etc are only a few of the games that you can provide. Furthermore, under a sub-license you can run many online casinos. The parent company holds the sub-license and operates its services under many domains.
- Bitcoin Casino License: Bitcoin Casinos are an innovative way to play online casino. We have covered the thread here. Many Bitcoin Casinos are working under a Curaçao sub-License, provided that they do not act as cryptocurrency exchange, if a player deposits with bitcoin then he must withdraw his profits with bitcoin. Check for example edgeless.io, wildtornado.com etc
Cons of a Curaçao Gambling License
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- Curaçao – Decent Reputation License: As mentioned above, to get a Curaçao License is a quick, cheap & simple process for a new company. The ease with which a new company acquires a gambling license is something that may be a problem for some potential players. The truth is that Curacao is not particularly involved in disputes between online casinos and players. This fact allows non reputable online casinos to cheat players, since they are not afraid to lose their license or get a fine. That’s the reason that Curaçao is characterized as a decent jurisdiction to get a License. However, a Curaçao Licensed Casino doesn’t automatically means that it is a scam Casino. It is more important to check the company reputation itself than the License Jurisdiction.
- Banking Difficulties: Not so easy to open a Bank Account for gambling activities. Online Casino business are considered as the perfect vehicle for financial fraud such as money laundering or tax evasion. Although a Curaçao Online Casino must comply with intenational standards regarding Anti-Money Laundering Policy, the low licensing standards and the fact that Curaçao is considered an offshore tax heaven with flexible laws make banks cautious towards such companies. A Curaçao based Online Casino may have more difficulties with the banking system and even e-wallets (Skrill, Neteller etc).
- Limitations to marketing: A Curaçao Licensed Online Casino cannot attract (legally) players from various Markets such as France, Netherlands and USA. Regarding the USA Online Casino Market, there are some Curaçao Licensed Online Casinos that offer their services to US players. In general the US online gambling legislation is complex and there is a grey zone about the legality of US Online Casinos. Regarding local EU markets such as Greece, Italy, Belgium etc an online casino may need only a Malta Gambling License or in some cases a local gambling License. Many companies hold a Malta License as their Master License and get local Licenses for local markets. The tendency is for each country to create its own legal framework on the regulation of online gambling, a trend that is expected to be strengthened in the future.
- Curaçao – Decent Reputation License: As mentioned above, to get a Curaçao License is a quick, cheap & simple process for a new company. The ease with which a new company acquires a gambling license is something that may be a problem for some potential players. The truth is that Curacao is not particularly involved in disputes between online casinos and players. This fact allows non reputable online casinos to cheat players, since they are not afraid to lose their license or get a fine. That’s the reason that Curaçao is characterized as a decent jurisdiction to get a License. However, a Curaçao Licensed Casino doesn’t automatically means that it is a scam Casino. It is more important to check the company reputation itself than the License Jurisdiction.
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