Cyprus is still one of the strongest world trade centers due to its attendance of forex regulators and alluring tax law, which can even provide non-tax residences with a 0% tax on dividends. In 2012 Cyprus passed “The Betting Law 2012”, which established two fundamental changes in the betting business.
“The Betting Law” imposes 2 types of licenses:
Class A – Manages offline sports betting – this applies only to the bookmakers with real offices, except horse racing or other services regulated under the class B license.
Class B – Manages online activities, except slot machines and casinos lotteries.
Each person who wants to obtain A or B license has to meet the following requirements:
The applicant can get a license only for 1 or for 2 years. After expiration, it is possible to apply to NBA for its renewal. NBA reserves a right to revoke the license at any time, if its owner violates current law (Article 24)
The license is issue only after fee payment, which depends on the license duration:
Class B license should be paid only via debit card / credit card / any other electronic payment. Cash payment is prohibit (Article 58(1)).
After receiving the class B license the licensee is obliged to launch an account in Cyprus bank or other institution that is allow to provide banking services on Cyprus. Class B licensees have to analyze a player’s current account before accepting his bet. If there are no enough funds to pay the rate, a licensee has to reject the bet.
A combined rate of 13%, which consist of 10% of net revenue, 2% assigned to the Cyprus sport Federations and 1% for extra gambling programmers (Article 71).
All the data should be stored exclusively in Cyprus server system. The server itself has to be connect to the government electronic system in order to pass the data on transactions. An address of the website which accepts players bets has to be ended with LTD of “.com.cy”.
Eternity Law international will gladly help you with betting license, and our specialists will answer all your questions. Take advantage of our many years of practical experience – save your time and your money.
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