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 as to 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 to taxpayers. As with any other kind of business, profit is the desired outcome, and to make a bigger profit, the 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 scrutinizing 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 on 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, popularity of sports betting among Cypriots dictated that betting over Internet becomes regulated. Parliament of the country passed the Betting Law in 2012, providing legislative framework for issuance of a Cyprus gaming license. Cyprus lawmakers opted to leave online casinos and poker rooms illegal on the island leaving online sportsbook the only regulated type of iGaming. National Betting Authority was appointed as regulatory body responsible for issuance of betting licenses. NBA has taken swift measures to block access to all unlicensed websites for residents of Cyprus.
The National Betting Authority of Cyprus offers two Classes of Cyprus betting license. The Class A is offered to companies operating land based betting shops, which is a traditional gambling establishments found all across the island. Starting in 2016, Class B license for interactive betting was introduced. The Cyprus Betting Law of 2016 prescribes establishing a local company in order to qualify as applicant for 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 Euro 500,000. Such stringent requirements aim to ensure that only established local or international operators of gambling businesses apply for interactive Cyprus betting license.
As for the land based, the Law regulating casino was adopted in 2015 with provision for only one license for establishment of multi-purpose complex with gambling, accommodation and entertainment offered. After launching tender process with 8 international operators, Cyprus issued the sole casino license to Melco-Hard Rock Consortium. In accordance with the Cypriot legislative framework, issuance of casino gaming license was made possible only to gambling establishment integrated with a hotel. Limassol, being the main tourist hub of the island was chosen as obvious spot for this integrated casino resort. This casino license provides operator the benefit of monopoly for 15 years in Cyprus. Also, this gaming license entitles the operator to open satellite casino in capital of Cyprus, Nicosia as well as slot machine parlours in all the districts.
Prosepctacy’s professional gaming licensing team takes into account all peculiarities of running gambling business in countries around the world, and obviously Cyprus, being company’s home jurisdiction. Our professionals are ready to assist with with application for Cyprus betting license and launching a successful and profitable iGaming operation from the island.