Think of the Caribbean and you’ll think of the golden sandy beaches, a place where the elite jet off to and enjoy a bit of downtime. It’s sunshine, sea, and the chance to really kick back and relax.
Think of business in the Caribbean and your attention may divert to the Cayman Islands, where the tax haven is the HQ of many businesses, all plying their trade elsewhere. However, on the tiny island of Curacao, home of just 155,000, many entrepreneurs are starting their careers, with many going on to great things.
You see, the Curacao gaming licence is one of the most popular on the planet for online casinos, and with the industry booming, many hotshot entrepreneurs are wanting their slice of the pie.
The online gambling industry: An overview
Over the past decade the online gambling industry has been growing at a phenomenal rate and worldwide it is expected to be worth around $565 billion by the year 2025, with considerably more growth moving towards 2030 and beyond.
A large part of that has come through online casinos, and if the metaverse continues to move towards the mainstream, that’s only going to accelerate the industry’s growth, with the likes of virtual reality casinos looking to take centre stage.
What that is suggesting to many business people and entrepreneurs around the world is that there’s ample opportunity to get in on the action.
Why Curacao is proving the ideal option for start-ups
For people new to online gambling, Curacao has typically been one of the most accessible to gain a licence, with over 450 gambling operators now licenced by the country’s board of control.
Of course, companies and company owners are required to meet a number of requirements in order to gain a licence and must take a fit and proper test to ensure that you will use the licence responsibly and properly.
There are a number of documents which must be shared before collecting a licence, and the person in question must not have a criminal record. It’s a relatively standard onboarding procedure, which is proving to be a real winner for those looking to get into the business.
Why entrepreneurs are choosing Curacao
It’s intriguing why this small island in the Caribbean has become such a hotbed, but when you drill into the details it becomes clear. A licence from the island gives casinos the opportunity to operate in a large number of countries globally, but what’s more the entire process in gaining a licence is much more hassle free than countries such as the UK or USA.
That’s largely because one licence covers all, and when someone is new to the industry, it takes away any complications in permits for types of game that you will find elsewhere. That means slots, table games, lottery and bingo all fall under one umbrella.
Then there’s tax. A Curacao gaming licence doesn’t require casinos to pay tax on revenue from outside of Curacao, and given online casinos are illegal on the island, there’s little chance of that anyway. Ultimately, like the Cayman Islands and the businesses there, it’s one of the more appealing factors, on top of everything else.
It’s expected more and more applications will come in for Curacao gaming licences over the next few years, as the arrival of new online casinos continue to rise. That’s making for some intense competition within the industry, where only the entrepreneurial cream of the crop rises to the top.
Disclaimer: This content does not necessarily represent the views of IWB.