Future of Blockchain in Gambling Space Explored in ASEAN Gaming Summit 2019
March 20, 2019
What is Blockchain? What are its benefits? Who uses it? Day 2 of ASEAN Gaming Summit 2019 puts blockchain's role in the gaming space in the spotlight.
Curacao is one of the islands making up the Dutch Caribbean. This licensing jurisdiction is one of the oldest online gaming regulators and is a home to a long list of online casinos. In terms of popularity, a Curacao eGaming license holds a decent reputation in the iGaming world. It is widely known for being generous in awarding licenses based on minimum standards.
There are many reasons why Curacao is one of the preferred licensing bodies in the world. Here is what you must look forward to if you get a license from this jurisdiction.
If you are looking for favorable licensing costs, Curacao is the place to be. It offers low tax rates and charges fair rates for licensing fees. The Commission charges just about 2% tax rates on net profits, which are significantly lower than that of other territories. For this reason, this licensing body is perfect for startups or low-budget companies.
Another major perk of having a license from the Curacao government is its flexibility. In most cases, other licensing bodies require you to get different licenses for each gambling service you offer. But in Curacao’s licensing rules, you do not need multiple licenses for a betting site, bookie, poker room, or other gaming services. A single license is enough to cover all your operations.
In addition, hybrid casinos hold a more costly process in gaining a license. So expect your transaction fees to skyrocket as you are paying for different licenses. But with a one-for-all license, you will be able to cut down extra fees. This is especially beneficial if you are a startup or if you are running a small betting site.
Placing Curacao’s seal on your betting site is easy. With its cheaper processing costs and one-for-all license, you can start your operations in no time. All you need is a fair online casino business and a relatively low budget.
With cheaper processing costs and simpler rules under its sleeves, Curacao poses as one of the ideal options in picking a licensing body. But you must keep in mind that it also has some drawbacks. Here are the cons that you must consider before applying for a license in the area:
A Curacao license does not hold much meaning in terms of quality. While the cheap costs and simple standards are likely to seal the deal, these can also be a disadvantage for bettors. Reason being is anyone who has a betting site and can afford to pay the license fees can ride on Curacao’s name. It requires lower standards in granting licenses compared with the strict quality checklists of hotshot gaming bodies like MGA and UKGC. This explains why many low-quality betting sites carry the Curacao seal.
Curacao offers two types of licenses. If your license is directly from Curacao, then you have a master license. Holders of master licenses like can then grant sublicenses to other operators. But the former will be the one responsible for monitoring the activities of their licensees. The problem with this is sub-licensees tend to have poor quality because the Commission does not directly monitor them.
One of the purposes of licensing bodies is to be the mediator between the player and the casino. In case issues arise between the parties, its role is to find solutions and act on the matter. In contrast, Curacao-licensed casinos have their hands off on player issues. Instead, they let the involve parties settle the problem on their own. From a player’s point of view, this can be frustrating as they cannot depend on a responsible third-party regulator.
Considering the pros and cons of a licensing body is essential to the smooth sailing of a business. While Curacao offers a quicker way of running your operations, you must still consider the reputation it can taint to your business. However, it is important to keep in mind that there is still a long list of Curacao licensed betting sites offering high-quality service. As such, Curacao must work hard to clean its name and offer a better reputation.