Cyprus has a modest population but a rapidly expanding and quite distinctive online gaming business. Operators may concentrate on one well-regulated industry to create their brand because online betting is the main focus—possibly utilizing it as a launching pad to access the greater marketplace of Greece. Thus, if you are attracted in obtaining a gambling license, we recommend selecting Cyprus.
Cyprus Gaming License regulations
The legal framework governing the online gambling sector in Cyprus is extremely disjointed, with various game types being governed by distinct agencies and regulations.
- The National Gambling and Casino Supervision Commission has control over casino gaming, which is governed by the 2015 Casino Law.
- The Department of Finance has direct regulatory authority over lotteries and horse racing. The state and OPAP jointly control the lottery industry, but since 1973, only the Nicosia Race Club is authorized to organize and accept wagers on horse racing events.
- The National Betting Council is in charge of overseeing betting, which is now subject to the 2019 Betting Law. The only type of gaming that is allowed for operators to provide online in Cyprus that isn’t monopolized is betting. Sports events as well as non-sporting activities, such as e-sports, are covered by betting licenses.
- Operators must provide players with a variety of options for responsible gambling, but they cannot force players to use them, as is more customary in Europe.
- Advertising is anticipated to be honest. The Advertising Code was updated in 2021 to cover the acceptable nature of advertisements and messages encouraging responsible gambling, the efficiency of age-verification procedures, and the inclusion of influencers in digital marketing. Reduced exposure of children to gaming commercials was the major goal of this amendment.
- The NBA can order webs-service providers to prohibit access to the webpages of illegal gambling companies after publishing a list of them on its webpage.
- Warnings, license suspension, significant fines, and even jail are all possible penalties. When licensed producers violate their licensing restrictions, they might be liable for penalties of up to 200,000 euros and 3 years in jail; for unlicensed operators, the penalty could be as high as 300,000 euros and 5 years in jail.
- Offering internet casino games can result in a fine of up to 1 million euros and a five-year jail sentence.
Gaming license in Cyprus Market
Since the beginning of authorized operations under a gaming license in 2017, the online games industry in Cyprus has been expanding steadily.
The betting industry was stable overall. The forced closings of land-based businesses brought on by the pandemic, which affected most other nations, significantly boosted this tendency. However, the statistics for Cyprus are particularly fascinating because betting is the only type of internet gambling that is legal there.
While internet casinos satisfied the need for gambling amusement in the majority of other European countries, Cyprus had significant growth in 2020 in the Gross Gaming Revenue from online betting.
It appears that Cypriot bettors have migrated in large numbers to online sportsbooks, which presents a positive outlook for authorized businesses and betting licenses in Cyprus.
To learn more info about gambling licenses in Cyprus, you can get in touch with our experts.
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