Cyprus has a modest population of just over 1.3 million people, yet it boasts a rapidly expanding and quite distinctive online gaming business.
If you’re looking to create a brand in Greek gambling, you may do it by focusing on one well-regulated sector, such as sports betting.
Cypriot Law Governs Gambling
Legislation governing Cyprus’ gambling sector is extremely disjointed, with multiple authorities and regulations overseeing various types of gaming.
The National Gambling and Casino Supervisory Board are responsible for regulating casino wagering in accordance with the 2015 Casino Regulation. The authorized consortia now have a 16-year monopoly on traditional casino gambling.
It is the Ministry of Finance’s responsibility to oversee all aspects of lottery and horse racing. Only the Cyprus Race Club has been authorized to organize and take wagers on horse racing activities since 1973, and this is a joint monopoly between the state and OPAP.
Finally, the NBA is in charge of overseeing betting, which is now governed under the 2019 Betting Regulation. It is the only kind of gaming in Cyprus that is not subject to monopolistic ways and that may be offered online, and betting is the only one. We are going to concentrate on it a lot in this essay because of this. Sports and non-sporting events, such as esports, are all covered by betting licenses.
Sports Betting in Cyprus
The year 2021 has been difficult for Cyprus’ sports betting industry, as it has been for businesses all around the world. During the pandemic, traditional betting businesses were forced to shut down and there were fewer sports tournaments to wager on online. Despite the fact that sports wagering handles in Cyprus decreased, income increased this year by 4.9%.
Today, 9 providers, including Bet365, Winmasters, and Parimatch, are fully licensed to provide wagering in Cyprus. It’s not only sportsbooks that are being targeted by the National Betting Authority (NBA). There are already more than 12,500 websites banned on the NBA’s database. Taking that into consideration, you should always do sufficient research on Cyprus sportsbooks before attempting to place any bets on one. You can also look for information about the bettors favorite sites in order to find the best betting site in Cyprus.
For a 1-year license, applicants must pay a cost of €30,000; for a 2-year license, they must pay a fee of €45,000 or proof of assets of €500,000. Many start-ups prefer to seek their gaming permit on the Caribbean island of Curaçao rather than Cyprus as an alternative to obtaining a complete license there. A transaction processor in Cyprus was subsequently established to transfer sports betting profits from the Curaçao corporation to the betting start-ups and small businesses.
Cypriot officials have a lot of ideas on how to split betting profits going ahead. Some examples of this would include the government’s consideration in June 2020 of funneling the proceeds from betting into sports-related training and development.
Gaming in Cyprus has a long and rich history
1960: The Year of the First Steps
The nation’s lotto was launched not long after Cyprus obtained independence from the United Kingdom in 1960. It is still in operation today.
Casinos opened in the north in 1975.
There were casinos in Northern Cyprus, which has a Turkish presence, starting in 1975. In order to wager, many Greek Cypriots (especially those from the southern part of the island) would go to the northern part of the island.
Decades of the 2000s: Vague rules
During the decade following the beginning of 2020, online sports betting, gambling, and other games of chance witnessed a significant rise in popularity in Cyprus. Although this was not properly controlled.
The Betting Law in 2012
The Cypriot government enacted new gambling regulations in 2012 to keep the industry under control. Class A and Class B permits were created for online and offline gaming operations, respectively, and severe restrictions were established for each. In addition, the National Betting Authority was established, which would supervise the industry, issue licenses, and close down unlawful companies.
Licensed Class B drivers were granted in 2016.
Since 2016, online sports betting operators have been able to seek Class A licenses, which were only given between 2012 and 2016. Approximately €250 million is spent by Cypriots each year on online sports betting platforms.
2019 – Betting Law Updates
Ways to help gambling addicts were added to the Betting Law in 2019 as part of a series of modest regulatory adjustments and initiatives.
As of the 2012 Betting Regulation, the regulatory framework in Cyprus has been transparent, stable, and easy to comprehend. As a result, it has become a favored location for the establishment of operations by online sports betting organizations. In order to operate in Cyprus, betting enterprises must have a physical presence on the island and adhere to all applicable laws and regulations.