Getting a high-risk merchant account and a high risk payment gateway is difficult for a gambling business. However, with the right license, even a gaming business should be able to establish its legitimacy and start its operations.
Creating a website that offers online gaming without obtaining a license may be possible but it is illegal and highly risky. If a gambling merchant wants to be successful in the long run, it is advisable that they obtain a gambling license. One of the most common gambling licenses we come across is the Curacao Gaming License.
What’s So Special About Curacao?
Curacao is an island in the Dutch Caribbean which was once a part of the Netherlands Antilles. The island became an independent country in 2010 when the Netherland Antilles was dissolved. But since the island continues to be a part of the Kingdom of Netherlands, Curacao is still a member of the EU. Therefore, the island offers gambling merchants a number of benefits for launching and expanding their gaming operations.
Curacao was always a popular destination for gambling players. In 1993, the government introduced laws to regulate the online gambling industry. By 1993, the Gambling License Authority was created by the government; this new body was responsible for issuing relevant licenses as well as regulating and monitoring the players in the gambling market. And in 2001, the Curacao Internet Gaming Association was formed to regulate the e-gaming industry and ensure all players in the online gambling market adhered to the regulatory framework and code of conduct.
Today, Curacao is arguably the largest registry for online gambling businesses in the world.
What is a Curacao Gambling License?
There are two kinds of gambling licenses in Curacao, namely master license and sub-license. The Curacao Ministry of Justice has issued only 4 master licenses since 1996. They are listed below:
- Gaming Services Provider N.V. #365/JAZ
- Curacao Interactive Licensing N.V. #5536/JAZ
- Antillephone NV #8048/JAZ
- Cyberluck Curacao N.V. #1668/JAZ
Most start-ups apply for a sub-license which allows them to operate under the license of the master license holder. In order to apply for this sub-license, the gambling business needs to meet standard criteria at the time of application as well as ongoing basis. With a sub-license, a gambling business will be entitled to the same rights and benefits as the master-license holder; however, they will not be allowed to issue gambling licenses themselves.
What are the benefits of a Curacao Gaming License?
Compliance: At the basic level, obtaining a Curacao gaming license helps a gambling business meet legal requirements. Operating a gambling business without a license could lead to legal trouble with the representatives being held personally accountable. The individuals behind these illegal gambling operations could be charged huge fines or even sent to prison.
No tax: A major attraction for operators looking to get a Curacao gambling license is the tax incentive it brings. Gambling businesses are not liable to pay any tax on their sales provided all income is generated from outside Curacao, and all rules pertaining to economic substance and permanent establishment are met. Taxes in other countries can be much higher. And what’s amazing is that these zero taxes still meet best practices for international taxation.
Quick & Hassle-free: The process to apply for and get a Curacao license is pretty straightforward as well as short. With other licenses across the world, business owners need to gather lots of paperwork and supporting documents along with filling long application forms; the entire process can be pretty time-consuming. The requirements for obtaining a Curacao license are simple; and if the gambling business meets these requirements, they should be able to get the Curacao gambling license in no time – sometimes just a couple of days!
Affordable & Cost-Effective: As mentioned above, the process to obtain a Curacao license involves little paperwork and bureaucracy. The costs involved are minimal. Setup fee and ongoing maintenance costs are reasonable. Therefore, obtaining a gambling license in Curacao is usually more cost-effective than licenses in other jurisdictions. The prospect of obtaining an affordable license coupled with zero tax is very attractive for gambling businesses.
One license for everything: In most jurisdictions, a gambling business has to obtain multiple licenses to offer different kinds of games. For example, if a casino business wants to offer lotteries, they would have to apply for an additional license to be able to offer lottery games. However, if a business obtains a Curacao license they can offer many other games without having to obtain another license. This saves both time and money.
Here are some of the activities a gambling business can offer with a single Curacao license:
- online casino games (blackjack, slots, roulette);
- mobile phone games, betting;
- live dealing;
- various trading activity;
- network gaming;
- bingo;
- sports betting peer to peer games (backgammon, poker, mah-jong);
- fantasy football;
- pari-mutual and pool betting;
- lotteries
A High Risk Merchant Account for A Curacao Gambling Business
Once you have your Curacao eGambling License, you would want to start taking payments at the earliest. The first thing you need is an online merchant account. An internet merchant account connects your business to an acquiring bank. A merchant account, also known as a business merchant account, is a specialized bank account where money paid by your customers is placed for some time before being transferred to your main business bank account. It is basically a parking space for accepting and processing cashless payments before being ultimately sent to your business bank account.
A High Risk Payment Gateway for A Curacao Gambling Business
Once the gambling business has a merchant account, the next thing they need is a high risk payment gateway.
The high risk merchant account needs to be linked to the high risk payment gateway in order to allow flow of payment from the customer to the bank account of the gambling business.
A payment gateway is also known as a credit card payment gateway. There are two types of payment gateway: hosted payment gateway and non-hosted payment gateway. In a non-hosted environment, the customer would have to enter payment details directly on the gambling website and the payment would be processed automatically from the gambling website. In a hosted environment, the customer would be directed to another page to make the payment; once the payment is processed, they will be taken back to the gambling website. Some payment processors offer just one kind of online payment gateway while others offer both. The type of payment gateway being offered would also depend on the type of gambling business and its processing history. A gambling website that has operations worldwide needs an international payment gateway
Once a Curacao gambling business gets its high risk merchant account and high risk payment gateway, they can start taking their payments immediately!
CutPay Can Help A Curacao Gambling Business Get A High Risk Merchant Account & A High Risk Payment Gateway!
The process of obtaining a merchant account and a payment gateway for a Curacao gambling business is not complicated, but it can be difficult to manage it seamlessly. CutPay is going to make this process much easier for you. We are one of the best payment gateway providers and also the top merchant account providers in the UK. Our merchant account services and payment gateway support are unparalleled. In fact, we have alliances with some of the best high risk payment processors in the world. Our merchant account fees and payment gateway prices are also reasonable.
We at CutPay understand the needs and requirements of Curacao gambling businesses.
If you want to apply for a merchant account and a payment gateway for your Curacao gambling website, you have come to the right place.
Just fill out the form below and give us some details about your business and one of our representatives will reach out to you shortly!
