arnold_9 Cyprus’ history with gambling is quite recent, as the government only legalized the activity in 2016, allowing betting on sporting events only. Internet-based types of gambling, except for sports betting, fall under the responsibility of the National Betting Authority, and other banking activities like poker and casinos are banned in the country. In Cyprus, only licensed casino owners, operating through their legal sites, are authorized to offer this service. Cypriots can access online convenience sites not based in Cyprus but are allowed in their states. Nonetheless, the laws of Cyprus forbid and sanction any cyberspace activity or business with any gambling attributes within Cyprus.
According to the National Betting Committee’s regulations, the following groups of gambling licenses may also be issued, except to gambling establishments with the right to accept bets on contests:
- Class A License: This license governs and supervises all activities related to land-based sports betting that may be provided in fully veo-zoned areas (betting shops). Such license is customized for betting shops operational within a physical environment and is not intended to facilitate online betting transactions.
- Class B License: This is a license pertinent to online wagering activities. It avails bookmakers the opportunity to operate on the internet but forbids the operation of slot machines, online gambling casinos, lotteries, and horse racing. Companies which wish to obtain a Class B license are required to establish their corporate seat on Cyprus or have a branch best known for carrying out betting activities in Cyprus.
Both these licenses require that the company be incorporated in Cyprus or have joint venture with a local company, the company must have share capital not less than EUR 500,000 and provide an irreversible bank guarantee of EUR 550,000 for a period of six months after licensing.
