Cyprus Gaming License
Cyprus Gaming License
Online gambling has reached epic proportions around the globe and many people want to jump in and invest in such a venture. Though legalized gambling centers are fairly new to Cyprus, they are also quite duly restricted. That is not to say that it is impossible or even very difficult for one to obtain a Cyprus gaming license. You must know however about the rules and subtleties of owning a gambling institution, and comply with all of them.
One of the main reasons why some people are considering opening up a gambling casino in Cyprus is that it has competitive tax rates. Let’s face it, tax rates take up a considerable amount of time and frustration for taxpayers. As with any other kind of business, profit is the desired outcome, and to make a bigger profit, taxes can’t stifle the profit margin.
Every kind of gambling institution must be properly licensed by the gaming commission of Cyprus. All casinos and other similar ventures are regulated by the government of Cyprus. All Cyprus gaming licenses will be monitored in various forms, of the establishment and of the players. Casino reviews and bonus offers to attend one of these enterprises will also be under scrutiny for sound business practices, with an absence of phony and unlawful promotions. This is done not only for the protection of the gambling businesses but also for all the participants against fraudulent gambling tactics.
Cyprus gaming licenses that are approved, will be inspected and examined regularly. Casinos will be subject to audits and scrutinized by the gaming commission of Cyprus. Should you not have any objections to the information mentioned above, let us help you accomplish and secure your Cyprus gaming license and get your new business started and established. We at Prospectacy Ltd are here to help simplify, clarify, and facilitate, all you need to know about starting your gambling venture in Cyprus. We hope you contact us and reap the benefits of our expertise!
Background of Gaming Licensing in Cyprus
Cyprus relatively recently joined the list of European countries regulating online gambling. Until then all of the online gambling businesses that targeted Cypriot residents were illegal and active measures were taken in order to prohibit interactive wagering. However, the popularity of sports betting among Cypriots dictated that betting over the Internet becomes regulated. The Parliament of the country passed the Betting Law in 2012, providing a legislative framework for the issuance of a Cyprus gaming license. Cyprus lawmakers opted to leave online casinos and poker rooms illegal on the island leaving online sportsbooks the only regulated type of iGaming. National Betting Authority was appointed as the regulatory body responsible for the issuance of betting licenses. NBA has taken swift measures to block access to all unlicensed websites for residents of Cyprus.
The National Betting Authority (NBA) of Cyprus offers two Classes of Cyprus betting licenses:
Is offered to companies operating land-based betting shops, which is a traditional gambling establishment found all across the island.
Starting in 2016, a license for interactive betting was introduced.
The Cyprus Betting Law of 2016 prescribes establishing a local company in order to qualify as an applicant for an online betting license. Authority also requires setting up a backup server to perform regulatory supervision over betting services offered by the company to Cypriots. To ensure that only financially stable gambling operators enter the market, the Law demands the license applicants to have paid up capital of at least €500,000. Such stringent requirements aim to ensure that only established local or international operators of gambling businesses apply for interactive Cyprus betting licenses.
As for the land-based, the Law regulating casinos was adopted in 2015 with provision for only one license for the establishment of multi-purpose complexes with gambling, accommodation, and entertainment offered. After launching the tender process with 8 international operators, Cyprus issued the sole casino license to Melco-Hard Rock Consortium. In accordance with the Cypriot legislative framework, the issuance of casino gaming licenses was made possible only for gambling establishments integrated with a hotel. Limassol, being the main tourist hub of the island was chosen as an obvious spot for this integrated casino resort. This casino license provides the operator the benefit of monopoly for 15 years in Cyprus. Also, this gaming license entitles the operator to open a satellite casino in the capital of Cyprus, Nicosia as well as slot machine parlors in all the districts.
Prospectacy’s professional gaming licensing team takes into account all peculiarities of running a gambling business in countries around the world, and obviously Cyprus, being the company’s home jurisdiction. Our professionals are ready to assist with the application for a Cyprus betting license and launching a successful and profitable iGaming operation from the island.