The Curacao Gaming Control Board (GCB) reopened its online licensing portal on July 15 at 00:01 local time. Amid reports of new legislation to be enacted later this year, GCB will accept applications for B2B, B2B2C, and B2C licenses under the existing legislation.
While new applications will be accepted, applications submitted in the previous window that concluded on April 30 will be prioritized, media reports said.
The reopening of the GCB online licensing portal assumes significance as it would accept new applications in an uncertain regulatory environment. The current National Ordinance on Games of Hazard (NOOGH) legislation is expected to be replaced by a new legislation, the National Ordinance on Games of Chance (LOK), sometime this year.
One of the implications of this fluid situation is that operators receiving licenses under the existing laws may have to conform to new laws when they become effective. Also, Master Licenses, expiring between August 2024 and January 2025, will be terminated with the new laws coming into force. As such, these licenses are not eligible for renewal and the operators have to seek a fresh license every year.
Through the new legislation, Curacao aims to overhaul its gambling framework and establish a more robust regulatory environment, reshaping Curacao’s gambling industry.
New applicants should follow the Application Submission Guidelines published in March 2024. An application manual is also available on the GCB portal. Applicants can view checklists to know any outstanding documentation, making the application process smooth and efficient.
A key procedural change includes online portals to establish an official representative who should regularly check the GCB portal for additional documentation requirements and upload relevant documents to the system.
The new legislation likely to be enacted later this year aims to protect users and stakeholders from grey market operators and enhance jurisdiction’s reputation. The legislation will also pave the way for the Curacao Gaming Authority (CGA) to take over as the regulator.
Rollbit License Controversy
Curacao Gambling Control Board’s reopening of the online licensing platform has some implications for the crypto casino and betting platform Rollbit. On March 31, Rollbit issued a statement dismissing rumors that it was facing license-related problems.
“Our license is currently in its annual renewal period, a standard procedure for Curaçao-licensed platforms like ours,” Rollbit said in its statement.
However, the rumors proved costly for Rollbit as its revenue started falling, and its native token, RLB, took a sharp 20% dive within 24 hours. The trend continued, with both revenues and RLB price sliding over the subsequent months.
“We are actively communicating with our licensor about the renewal and will provide an update as soon as possible. Although this is typically an internal process, we recognize the importance of transparency in such a crucial aspect of our business,” Rollbit added in its March 31 statement.
Rollbit agreed that its Crypto Futures and NFT businesses were not covered by the Curacao license.
