Online Gambling In Cyprus

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Regulator: Cyprus National Betting Authority (NBA)

Site: http://www.mof.gov.cy

Any person who desires to do business in the Gambling sector in Cyprus is obliged to hold a Class A. As with regards to online players, in order to.

Address: Michael Karaoli & Gregori Afxentiou 1439 Nicosia

  • After much public debate over the legality of online gambling by officials, led to the enactment of Law 106 (I) of 2012 (“the Betting Law”) which, in general, regulates the provisions of betting.
  • The NBA explicitly bans Cyprus mobile casinos or interested party from offering online casino services to Cypriots without a license. However, the Betting Law of 2012 allows only for online mobile sports betting activities, but demands that the interested operator holds a license issued by the National Betting Authority of Cyprus.

Phone: +357 22602723

Act of 2012

After years of debates, the Government adopted “Betting Act” in 2012 that made gambling in land-based and online casinos illegal.The new law established that only sports betting, horse racing and lotteries are to be the only legal regulated forms of gambling and only sports betting and lotteries are allowed by online gambling law in Cyprus.

National authority

Under the new law, the Ministry of Finance established the National Betting Authority (NBA) as the governing body which would license and regulate the industry and be responsible for managing all aspects of gambling within the country borders.

NBA powers include the protection of minors and problem gamblers from aggressive advertising, providing licensing and monitoring services for legal gaming operations, fighting against illegal forms of gambling and cooperating with the Ministry of Finance to support the taxation for providers of gambling services.

“A” and “B” classes in gambling

All online and land-based gaming operations are traditionally divided into two classes: “A” and “B”.Class A refers to terrestrial gaming operations, class B is devoted exclusively to online games.

Class B terms give the NBA powers from gambling legislation of Cyprus to regulate the rules concerning the interaction of players with online gambling sites and the interaction of the online gaming sites with both NBA and players.

Online rules

As mentioned above, the NBA provide rules for players and for gambling providers.Players must be at least 18 years old and undergo proper identification.They must register an account with the provider of gaming services. They also cannot add funds in cash and must be able to provide evidence that they have a budget to return all deposits made by credit card, debit card or electronic transfer.

Below, there is a list of requirements to providers, that must be met in order to offer online sports gambling or lotteries and get casino license in Cyprus:

  • The applicant for each license must be free from a criminal record.
  • An application for a license must be submitted to the NBA.
  • Candidates acting as private individuals must be at least 25 years old.
  • Applicants acting as corporations must be registered in Cyprus.
  • Applicants must provide proof of solvency to cover players’ winnings.
  • Internet sites must have an adequate record and internal control including security.
  • Internet sites must have an active bank account which provides services in Cyprus.
  • Funds of the player must be separated from the operating funds according to new gambling law in Cyprus.
  • Office or headquarters must be located on the territory of Cyprus.

The purpose of these rules is to ensure a safe and legal environment for players so that sports betting and lotteries were not a source of money laundering or other illegal actions.

Hot news

Since October 2016, the Government of Cyprus announced about the issue of gambling licenses to online bookmakers and gambling operators, benefits of which will be a revenue of Cyprus.

According to the local gambling regulator (Cyprus National Betting Authority), payment for the license will be:

  • for one year – 30 000 euros;
  • for two years – 45 000 euros.

Companies with gambling license in Cyprus also have to pay tax at 10% of the gross revenue and 3% to the control commission.

Online Gambling In Cyprus

Gaming operators also must have:

  • a bank guarantee of 500,000 euros,
  • an additional capital of 500,000 euros.

All licenses are freely available from October 3, 2016.

Montenegro
Regulator - eGambling Montenegro Website: www.e-gambling.me Mailing address: Podgorica, Moskovska 65 81000 Montenegro Phone: 5-0615951 Е – mall: [email protected] Director: Endre Kodolányi,- [email protected] Sadly, this regulator became like a paradise for several operators, engaged in some controversial activities. Some of the operators, licensed in Montenegro, were convicted in usage of non-licensed, forged software (Net enter…
Spain
Regulator: Dirección General de Ordenación del Juego – DGOJ. Site: http://www.ordenacionjuego.es Adress: Calle Atocha, 3 Madrid 28012 Phone: 91 571 40 80 Email: http://sede.ordenacionjuego.gob.es/ es Everything changed in 2011 when the Spanish government adopted a new law on gambling. The new law brought uniformity across the country and established standards for the gambling on the Internet that had not been previously introduced. Spanish …
Portugal
Regulator: Serviço de Regulação e Inspeção de Jogos (SRIJ) Website: http://www.srij.turismodeportugal.pt/pt/ Mailing address: Руа Ivone Silva, Lote 6 1050-124 Lisboa Phone: + 351 211 140 200 Fax: + 351 211 140 830 Е – mall: [email protected] A legal entity with the authority to authorize gambling Commission in Portugal – the General Secretary of the Ministry of Internal Affairs (SGMAI), that can contacted via the electronic m…

Online Gambling In Cyprus Paphos



Updated on Wednesday 12th September 2018

The Betting Law

In 2012 Cyprus introduced a new and comprehensive document that would regulate gambling activities in the country. The Betting Law revised existing rules and added new ones. According to this law, the central authority for gambling and betting matters in Cyprus is the National Betting Authority (NBA). It issues the licenses needed to conduct such activities in Cyprus and supervises authorized gambling operators.
According to the Betting Law, there are two main types of authorized gambling activities:
Gambling
-class A: betting activities and services that take place in license premises, except those in class B and horse race betting;
-class B: online gambling, except from certain benefit games machines, online casino games, electronic horse race betting.
Our company formation experts in Cyprus can give you detailed information about these types of activities.

Relevant legislation for gambling in Cyprus

The following Acts and legislative documents are the most relevant legislative documents that govern any gambling activity in Cyprus: the Betting Law of 2012 – Law 106(I)/2012, Gambling Law 108(I)/17/7/2012, Gambling Law 4374/28/12/2012, Directive 98/34/EC amended by Directive 2006/96/EC, the bilateral agreement between Cyprus and Greece regarding the Greek Organization of Football Prognostics.
Our partner law firm in Cypruscan tell you more about how the law influences and regulates gambling activities in Cyprus.

Licenses for gambling activities - presented by our specialists in company formation in Cyprus

Cyprus newspapers
Licenses for gambling activities are given according to the class of activity, as described above. The request for a gambling licence can be submitted by a company incorporated in Cyprus or a foreign company that has a branch in Cyprus whose principal acidity is carrying out betting activities. The application must be submitted with a bank guarantee of a bank in Cyprus or an EU member state.
Companies registered in other EU states that have a betting licence in that state (only limited to betting and no other gambling activities) can provide these services until the NBA issues a licence for this purpose, provided that the company has also applied for a licence with the NBA. The licenses are not transferable or assignable.
Gambling licenses in Cyrus are issued for one or two years ant they can be renewed. For more details about the application documents and other details, you can contact our experts in company formation in Cyprus.

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Cyprus newspapers

Can I Bet Online In Cyprus

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