Many of the world’s leading esports betting sites currently hold a license from the Government of Curaçao . But all of this is set to change as the small Caribbean island is looking to create a new gambling regulator in 2021. This comes as Curaçao is looking to get extra financial support from The Netherlands as it seeks to cope with the drop in tourism revenues from the Covid-19 crisis.
Big changes expected with the new Curaçao Gaming Control Board
The new gambling regulator will be known as the Curaçao Gaming Control Board (GCB) and it is expected to start operations in March 2021. This will taken over the operations of the Government of Curaçao that had previously issued licenses to a variety of sports betting sites and esports betting brands from all over the world.
The Curaçao Gaming Control Board is expected to operate a much stricter policy in terms of who it grants licenses to. This has been done in a bid to counter any illegal activity such as money laundering or the funding of terrorist organizations.
It will also be expected that any operator with a Curaçao Gaming Control Board license will have to comply with all of the gambling laws of the countries that they are operating in. This is in direct contrast with the current situation where many operators have been able to register as gambling operators without having to follow strict guidelines regarding safe betting. So how would the change in licensing affect your enjoyment of esports betting?
Will there be fewer esports betting sites?
The establishment of a new gambling authority in Curaçao is certainly a big moment for anybody with an interest in esports betting. While many of the larger operators tend to be licensed by either the UK Gambling Commission or the Malta Gaming Authority, lots of smaller esports betting brands have only been able to legally operate by getting a license from the Government of Curacao.
The new organization is expected to be granted more extensive powers to do things like collect license fees and taxes from its licensed operators. Such powers will come at a cost and this could lead many smaller operators to pay higher fees to operate under Curaçao Gaming Control Board licensing.
Despite this, anything that upholds higher levels of consumer protection for esports betting is something that will be broadly welcomed. It is hoped that the upgrade in licensing could weed out some of the disreputable operators who have been using Government of Curaçao licensing to operate with less scrutiny than with other licensing bodies.
Why Curacao’s gambling licensing is changing
Curaçao is part of the Dutch Caribbean, and The Netherlands has played an important role in bolstering the nation’s economy as it struggles to cope with an expected 30% drop in economic output due to the ongoing pandemic.
However, the Dutch government is insisting that Curaçao revamps its online gambling laws in exchange for the recovery funds. All of which suggests that interesting times are ahead for any esports betting site with a Curaçao license.