WILLEMSTAD - Revenues from gaming licenses are surging far beyond expectations this year, but the Curaçao government still fails to explain where the money is coming from. That warning comes from the Board of Financial Supervision (Cft) in its response to the third execution report of 2025.
According to the report, Curaçao collected 54 million guilders from gaming-license fees in the first three quarters of the year — almost double the 30 million guilders originally budgeted.
Strong Windfall, But No Clarity
The gaming-license income falls under the category “Other revenues.” While this category shows a substantial windfall, the government has not provided the necessary breakdown to clarify:
how much revenue comes from online operators, and
how much comes from land-based gaming businesses.
Without that information, the Cft says it cannot properly assess or verify the figures.
The watchdog stresses that the rapid expansion of the online gambling sector makes transparency essential, especially as Curaçao undergoes major regulatory reforms in the gaming industry.
CGA Under Investigation Heightens Concerns
The lack of clarity is particularly troubling given the ongoing Public Prosecutor’s Office investigation into the Curaçao Gaming Authority (CGA), the regulator tasked with enforcing the new Landsverordening op de Kansspelen (LOK).
The Cft notes that earlier integrity concerns surrounding the CGA only increase the urgency for full disclosure.
Cft: Government Must Provide Structural Reporting
The board is calling on Finance Minister Charles Cooper to begin systematic reporting on gaming revenues, including a detailed specification of income sources, and an analysis of whether the revenue streams are stable and sustainable.
Proper oversight, the Cft argues, is impossible without a clear financial picture — especially in a sector known for rapid growth, high financial stakes, and sensitive integrity risks.
The Cft says the government must act quickly to ensure transparency and strengthen public trust in Curaçao’s evolving gaming framework.