Gaming Licensing

Our Firm provides services for the licensing of betting and gambling operators in Cyprus. The National Betting Authority (NBA), which is the governing body all betting and gambling activities provides for two types of licensing:

Types of licenses

Class A

Regulates land-based sports betting – bookmaker shops with physical Premises excluding Class B Services and horse racing.
Class A – Bookmaker’s authorized representative license: required by anyone who intents to represent a Class A licensee services and a premises license

Class B

Regulates Online based activities excluding slot machines, online casinos lotteries.

Application procedure

Εntity Structure and Eligibility Requirements

Gaming License in cyprus

Highlights and Further Information

Cost and Duration of license

  • All Licenses are issued for one or two years and may be renewed on application, NBA can revoke or suspend a license in the event of failure to comply with the regulations under the “Article 24” of betting law 2012.

  • The Licensee must pay a fee of EUR 30,000 For one year and EUR 45,000 for two years.

AML Legislation

Gambling Operators are required to develop and implement risk-based approach mechanisms as well as to apply specific Customer Due Diligence procedures (provided certain conditions are met – i.e. when carrying out transactions of EUR2.000+)

  • Accepted payment methods for Class B are Debit/Credit Card and/or other kinds of electronic payment

  • No cash transactions are allowed for Class-B licensees electronic bets

  • Class B licensees are prohibited from accepting a bet, unless in the account maintained in the name of the player are sufficient funds to cover the amount of the bet

  • Class B license must maintain a valid bank account at an authorized banking institution operating in Cyprus.

Gaming Tax

A combined rate of 13% of the net earnings is taxed on gambling operators.

Technical requirements

  • A backup server in the territory of republic of Cyprus which shall be linked to the authority’s computerized systems and have the ability to facilitate real time transactions and information’s about betting activities.

  • A specialized website address ending with TLD of “.com.cy” from the Cyprus CYDNS directory.

  • The betting platform must meet all the criteria as described in the Betting Law 2012

GET IN TOUCH

euipo

© by A. Christoforou & Associates LLC – HE360542. A leading Cyprus law firm based in Nicosia. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Powered by  Novel Digital