Regulatory Turmoil in Curaçao: How Instability Could Reshape the Global iGaming Market
This week, the situation escalated: the entire supervisory board of the Curaçao Gaming Authority (CGA) resigned, leaving the regulator without oversight. Prime Minister Gilmar Pisas had to personally step in to take control of the CGA to prevent a regulatory standstill. His move reflects a deeper crisis — the rocky transition from the old licensing model to the new one introduced under the Landsverordening op de Kansspelen (LOK) law, adopted in December 2024.
The LOK law was meant to reform Curaçao’s outdated system by abolishing the “master/sub-license” model, which had long been criticized by international regulators. The new framework promised more transparency, stricter KYC and AML procedures, and greater accountability to players. However, the reform’s rollout has been plagued by bureaucratic delays, disputes among CGA board members, and unclear implementation timelines.
Despite the CGA gaining expanded powers in mid-2025, internal conflicts persisted. The recent resignations show that the authority is still struggling to establish a stable structure — leaving the entire licensing process in limbo.
Impact on the iGaming Industry
The resignation of the supervisory board and the Prime Minister’s intervention effectively put Curaçao’s licensing market on pause. For operators, this means uncertainty: who will review applications, who enforces compliance, and how long the disruption will last remain open questions.
For investors and affiliates, it’s a red flag. Curaçao’s license — already viewed with skepticism in Europe — now faces even greater scrutiny. The reputational risks are rising, as any partnership with operators based on shaky legal grounds could be seen as unstable or even risky.
Some international operators, especially those serving European and Asian markets, are already shifting operations to alternative jurisdictions like Malta or Gibraltar, where regulation is stricter but more predictable. In the short term, this could lead to a capital and traffic outflow away from Curaçao.
However, if the LOK reform is ultimately implemented successfully, Curaçao could experience a rebirth as a respected and transparent licensing hub. Clear compliance standards, independent oversight, and FATF-aligned governance could restore confidence in the island’s gaming ecosystem. Until then, though, the market remains in a state of uncertainty.
What This Means for Affiliates
Affiliates working with Curaçao-licensed operators need to be extra cautious. Licensing delays and structural instability could affect payments, contract renewals, and even the legitimacy of some brands. Conducting proper due diligence — checking the validity of licenses and AML compliance — has never been more important.
At the same time, new opportunities are emerging. Platforms licensed in Europe or Asia — such as Malta, Estonia, and the Philippines — are actively seeking reliable affiliate partners and are often ready to offer more competitive commission terms.
Takeaways
The ongoing turmoil in Curaçao is more than a local regulatory issue — it’s a reflection of the iGaming industry’s broader transformation. The sector is maturing, and the era of “gray zones” is fading. Companies that adapt to transparency, compliance, and stronger governance will strengthen their positions in the long run.
For operators, this is a crucial time to rethink licensing strategies and risk management. For affiliates, it’s a chance to partner with brands that are building long-term credibility and investing in sustainable growth.
In the coming months, Curaçao’s situation will serve as a test: can the island evolve from a symbol of flexibility into a model of regulatory stability — or will it lose its status to the next generation of global iGaming hubs?
