Curaçao was one of the first jurisdictions to regulate online gambling in the 1990s. Today, another piece of history was made when the Parliament of Curaçao approved the National Ordinance for Games of Chance (LOK) legislation with 13 votes in favour and 6 against. The LOK overhauls the existing regulatory framework, effectively addressing long-standing concerns about safety and oversight of online gambling.
Taking to facebook, Finance Minister Javier Silvania wrote: “Father Christmas came early this year. With the approval of the LOK bill, the people of Curaçao finally got what they had been denied for over 31 years! With the acceptance of the LOK, we have entered an era of economic renaissance. The projected revenues will give the Government the financial space to make a structured and sustainable start to eradicate poverty and address many of the challenges we have come to face.” In another post earlier today, Minister Silvania posted a newspaper article that defines the LOK as a goldmine for the country. He also posted part of his parliamentary address where he addressed the allegations brought about by Luigi Faneyte.
The LOK will replace the previous model with two main types of licences: B2B for service providers and B2C for operators dealing directly with players. Operators will now be required to establish a physical office in Curaçao, reinforcing the jurisdiction’s commitment to on-island governance.
What are the implications of the LOK?
During parliamentary discussions, David Seferina, a member of the MFK party, outlined how the the LOK legislation includes several provisions for the allocation of gaming revenue:
– 5% of online gaming revenue will be used to increase monthly pensions.
– 3% will be directed to a sports fund.
– 2% will be allocated to educational resources.
A legislative journey riddled with challenges and controversies
The path to approval has not been without obstacles. Finance Minister Javier Silvania has had to address misinformation and confusion surrounding the LOK on different occasions. Over the past year, various concerns were raised by stakeholders, including the Lesser Antilles island’s Advisory Board, Bar Association, and some Members of Parliament. Luigi Faneyte, a member of the Real Alternative Party (PAR) party, faced criticism from Minister Silvania before the final vote was taken for allegedly launching a campaign against the law built on unfounded claims, potentially damaging Curaçao’s international reputation.
Silvania claims that Faneyte sent letters to Parliament and international bodies with unfounded accusations against, undermining the government’s authority and damaging Curaçao international reputation.
