The Curacao Gaming Control Board, or GCB, addressed the rumors surrounding its licensing reforms. Also, the Curacao gambling regulator provided clarifications about certain misconceptions. They released the statement after receiving complaints about the reform process of the National Ordinance on Games of Chance. Some people questioned the integrity of the regulator.
The GCB pointed out that it now has the power to provide licenses. Depending on the circumstances, the governor or finance minister would have been responsible for this in the past. According to Discount Pay Per Head sources, the GCB has refuted the claims that it is not authorized to issue licenses.
As the regulator further confirmed, the licensing issued under the NOOGH Act, the previous set of regulations for the area, are not temporary permits. Those whose applications have been accepted will be given licenses.
The new regulatory framework of Curaçao, known as the LOK, is about to be implemented. Once that occurs, businesses already holding a NOOGH license will be awarded a temporary license that aligns with the updated framework. This will give them one year to meet all the new standards.
Curacao Gambling Regulator Promises Transparency in Licensing Process
Using a multi-stage license evaluation procedure, the LOK will verify the legitimacy of each company's leadership and thoroughly review all applications and supporting materials. In addition, the GCB will check the operators' websites and business strategies.
The GCB will use its web portal to be completely transparent when engaging with candidates. The process will end with a report that the GCB leadership will use to make a licensing decision. The authority noted the possibility of using AI technology to streamline the procedure.
In response to the devastating report's allegations of financial mismanagement, businesses granted licenses must deposit their fees into a designated government bank account. Upon receipt of payment, a permit will be provided. Then, operators can start increasing the sports betting volume in a sportsbook.
Operators Responsible for Compliance
According to the GCB, operators will be held independently accountable for compliance in all jurisdictions where they conduct business, not only Curaçao. While the GCB acknowledged that it does not have the authority to monitor its licensees in international markets, it promised to respond to severe infractions.
Operators are also liable for responding to player complaints under the terms and conditions set by the GCB. Additionally, the LOK will mandate ADR, leading to more impartial assessments. The board's risk-based monitoring approach will use complaints received from ADRE businesses.
To guarantee the correct execution of the LOK, the GCB has determined that it is collaborating with worldwide gaming and legal specialists. Additionally, the GCB has said it cannot comment on the BC game matter due to confidentiality requirements.
The regulator also addressed several issues brought up in the media after the bankruptcy judgment of BC Game, a company licensed in Curaçao. The bankruptcy came after it lost the lawsuit filed by the Foundation for the Representation of Victims of Online Gaming (SBGOK), an advocacy network for players.
Many gamers who lodged complaints against BC Game never received their payouts. The GCB has officially stated that operators are liable for player complaints. It did say, however, that the new LOK licensing system will make ADR necessary to guarantee more impartial reviews. Alternative dispute resolution (ADR) encompasses various practices to settle legal issues outside of court, such as negotiation, mediation, and arbitration.
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