Latest News

Still Working Under Risky Curaçao? Here Are 3 Reliable Alternative Licenses

Published

2 months ago

August 27, 2024

Reading Time: 3 minutes

The European online gambling market is rapidly growing. The next few years show growth from $52.30 billion in 2024 to $88.16 billion in 2029, thus recording an 11.01% yearly increase. Although Curaçao currently holds a significant share of the market, this is likely to change rapidly, especially now that the official abolishment of the Curaçao master license regime has entered into effect. These issues are becoming increasingly evident amid recent court decisions, which have increasingly favored European players.

Many operators choose to work under a Curaçao license due to its easy accessibility and simplicity during the initial stages. However, the easy access to the license is now no longer relevant, as operators are required to go through a more scrutinizing licensing process with the Curaçao Gambling Control Board to obtain a license. Previously, operators could simply engage with an existing master license holder, but with the abolition of this status, this previous advantage no longer applies.

Consider a typical player from a European country who plays at an online casino licensed by Curaçao instead of a local license as required by local law. When the player experiences a loss, they may decide to recover their money and file a lawsuit against the gaming platform in a court that adheres to European Union legislative acts. After obtaining a favorable judgment in their home country, the player can then bring this judgment to Curaçao for enforcement. According to the latest case law in Curaçao, the courts there have taken a very permissive approach towards such claims and have enforced them. The alternative for Curaçao-based companies and operators who refuse to pay such claims is the risk of being declared bankrupt. This process has provided a platform for fraudulent players and opportunistic lawyers to exploit the legal system to recover their so-called “lost” funds. Consequently, many operators are abandoning Curaçao licenses in favor of other jurisdictions like Kahnawake, Anjouan, or Tobique.

The current lack of specific protective measures found in other jurisdictions is a critical aspect of the issue. For example, Malta has promulgated Bill No. 55, which safeguards the licenses within its jurisdiction from the interference of foreign court rulings. This legislation is one of the most important in the field, ensuring online casino operators are not subjected to discrimination. To illustrate, if an operator is sued by players from Europe who have placed bets or wagers with the operator under a Maltese license, the local courts in Malta will not deliberate cases in which the legality of the use of the Maltese license is questioned if the license was used in accordance with Maltese requirements. Instead, the courts will block or dismiss any foreign judgment introduced in Malta, thereby protecting the operators. In contrast, Curaçao courts have taken a completely different course, actually paving the way for players to exploit the system and bring claims against Curaçao operators for the reinstatement of legitimately “lost” funds.

Alternative Licenses: Kahnawake, Anjouan, and Tobique

Amid this danger and lack of protection, operators are increasingly considering alternative licensing options in other jurisdictions such as Kahnawake, Anjouan, and Tobique. These jurisdictions offer several advantages that make them attractive to operators.

Kahnawake: The Kahnawake is one of the oldest and most reliable of the jurisdictions providing a license for online gambling, and can be found in Canada. It is famed for its rigid regulatory regime coupled with strong legal resistance against opportunistic litigation. Kahnawake licensed operators can rest assured that the legal environment will be stable and predictable, thus, the legal issues that can be very costly are minimized.

Anjouan: Part of the Union of the Comoros, Anjouan also offers favorable conditions for online gambling operators. This jurisdiction does not require operators to have a physical presence, allowing them to avoid direct oversight by local courts. Anjouan provides flexible business conditions and reliable legal protection, making it an attractive alternative for operators looking to minimize legal risks.

Tobique: Also located in Canada, Tobique offers online gambling operators unique opportunities. This jurisdiction is characterized by flexible management and provides operators with a stable and predictable legal environment. With no requirements for physical presence and strong protection against lawsuits, Tobique is an appealing option for operators seeking a secure and stable licensing base.

These jurisdictions share several common advantages that make them preferable for operators:

Protection against opportunistic lawsuits: These jurisdictions often have better protections against frivolous or opportunistic lawsuits, reducing the risk of costly legal battles.

Flexible jurisdiction management: Many alternative licenses do not require operators to have a physical presence in the licensing jurisdiction. This allows operators to avoid direct oversight by local courts, which can lead to unfavorable rulings.

Stability and predictability: By choosing a jurisdiction with a more stable and predictable legal environment, operators can safeguard their business from the type of legal exploitation observed in Curaçao.

The i-gaming sector is a bright and always growing one, with many new regulators, permissions, prohibitions, jurisdictions, and licenses coming up all the time. By working under just one well-known license, operators narrow down their options, which is an unwise strategic decision. Surely, the Curaçao license is one of the easiest to get and most recognizable today, but this strong brand name has very high risks. Nevertheless, new licenses give new chances for the operators, with the major advantages being stability and safety.

Up Next

Industry Expert Aleksandra Andrishak Joins Prestigious Panel on Slot Trends at the SBC Summit, Lisbon, to Share Her Vision for Future Player-Centric Game Design

Don't Miss

BGAMING FORMS GLOBAL CONTENT DISTRIBUTION PARTNERSHIP WITH ALEA

Click to comment

Industry News

MiFinity to Showcase Innovative iFrame at SiGMA 2024

Published

2 hours ago

November 5, 2024

Peter Tolan

Reading Time: < 1 minute

MiFinity, a leading global payment services provider, is excited to announce its participation at SiGMA 2024, held in Malta from 12 to 14 November. Visitors can find MiFinity at Stand 2012, where the team will be showcasing its award winning PayAnyBank service, and the latest version of the MiFinity iFrame and demonstrating how it helps iGaming operators acquire and retain players with a seamless, flexible payment experience.

Paul Kavanagh, CEO of MiFinity, commented: “SiGMA is a fantastic opportunity for us to showcase our latest developments and engage directly with the iGaming community. The MiFinity iFrame is a game-changer for operators looking to streamline their payment processes and enhance the player experience. We look forward to demonstrating its capabilities and connecting with both existing and prospective partners.”

MiFinity’s Business Development and Account Management teams will be on-site to discuss the new iFrame features in-depth and highlight how MiFinity can optimise payments for iGaming operators. They will also be showcasing MiFinity’s innovative suite of payment solutions developed specifically for the iGaming sector, including MiFinity PayAnyBank — a powerful tool that enables operators to send payouts directly to players’ bank accounts in multiple countries and currencies, enhancing the user experience with faster, more localised transactions and reduced FX fees.

The MiFinity Affiliates team will also be available to explain the benefits of MiFinity’s affiliate program, which offers some of the highest commissions in the industry and unique promotional opportunities via the MiFinity Bonus website.

Meet the MiFinity team at Stand 2012 at SiGMA 2024 to learn more about the company’s solutions and how they are transforming the iGaming payment landscape. Pre-book a meeting with the MiFinity team or drop by the stand during the event to explore how MiFinity can support your business.

Book a meeting here > outlook.office365.com/book/[email protected]/

Latest News

ECA and AGEM applaud creation of Association Assembly at ICE Barcelona

Published

6 hours ago

November 5, 2024

George Miller

ECA and AGEM applaud creation of Association Assembly at ICE Barcelona

Reading Time: 2 minutes

The news that January’s ICE Barcelona will include a major new feature dedicated to global gaming’s most influential trade associations has been welcomed by organisations in Europe and abroad.

Making full use of the additional space at the Gran Via Fira de Barcelona, the first ICE Association Assembly has been created to enable trade bodies to promote their values and create new opportunities for the gaming community across every sector and geography, including both the Brussels-based European Casino Association (ECA) and the Association of Gaming Equipment Manufacturers (AGEM), the global trade association for gaming equipment suppliers with its primary headquarters in Las Vegas.

Erwin Van Lambaart, Chair of the ECA confirmed: “Our members are already planning their week in Barcelona and they will be at this historic edition of ICE in great numbers. ICE is a pivotal event for the global gaming community and having a show floor feature which will enable us to engage directly with all sectors is a unique opportunity.

“Traditionally, our association’s involvement at ICE and its Conference program has primarily centred around networking and product development orientation—connecting with our members, regulators, suppliers, and fellow trade bodies. However, ICE 2025 marks a significant milestone. For the first time, the ECA will have the chance to fully interface with the global industry supply chain in its entirety. We are looking forward to this unique opportunity to articulate our vision for the future to a diverse and comprehensive audience, where innovation, responsibility and significant partnerships for guest and customer centricity will have centre stage.”

Daron Dorsey, CEO of AGEM added: “We represent the interests of our gaming suppliers whose well-known brands are global in reach, so to be given the opportunity to explain our agenda and engage with what is a truly international audience of association colleagues on the ICE show floor is invaluable.”

January’s editions of ICE and iGB Affiliate will occupy 120,000sqm of space compared to the 100,00sqm at ICE 2024. In a major endorsement of the opportunities offered by the relocation to Barcelona 72% of the 25 biggest exhibitors will have an increased stand presence at ICE 2025.

Industry Awards

Blask Wins Prestigious “Startup of the Year” at 2024 Starlet Awards

Published

8 hours ago

November 5, 2024

Adrienn Sarkany

Reading Time: < 1 minute

Blask, the pioneering AI-powered analytics ecosystem for iGaming, has been named “Startup of the Year” at the prestigious 2024 Starlet Awards. The company earned this recognition for developing a groundbreaking market intelligence platform that has redefined how gaming operators leverage data and market insights.

Award Recognition

The award confirms Blask’s revolutionary approach to market analytics and its significant impact on how iGaming companies access and utilise market intelligence. Powered by AI models including Computer Vision and Natural Language Processing, Blask analyses billions of data points across 2000+ active brands to provide unprecedented market insights.

The Starlet Awards recognition follows Blask’s recent SiGMA Asia Startup Pitch 2024 Award victory. “Winning these awards affirms our belief that innovation and bold ideas can reshape the iGaming landscape. The recognition underscores the impact of our cutting-edge AI technology and our relentless pursuit to transform data into actionable insights”, reflects Max Tesla, CEO and Co-founder of Blask

Blask provides operators with a strategic edge across multiple critical areas. Its real-time market analysis capabilities deliver instant access to crucial market metrics, while the high-granularity data available at one-hour intervals enables swift, informed decision-making. The sophisticated AI modelling system estimates GGR and FTD by analysing a comprehensive range of inputs, including historical data, third-party OSINT data, market performance, competitor metrics, historical brand performance, market reports, and public company disclosures.

Beyond analytics, Blask offers robust brand monitoring and competitor analysis tools, alongside strategic and tactical planning capabilities particularly valuable for market entry decisions and maximising performance during major events. The recently introduced customer profile feature harnesses AI to generate detailed, country-specific user profiles, adding another layer of strategic insight for operators.