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Focus CYPRUS MARKET REPORT cyprus: vital statistics


Capital: Nicosia Population: 1,102,677 Land Area: 9,251 sq.km Median age: 35 years Languages: Greek and Turkish, English. Ethnic Groups: Greek (77%), Turkish (18%) and other (5%) Religions: Greek Ortho (78%), Muslim (18%) Currency: Euro/Turkish Lira Government: Republic / Democratic Republic Chief of State: President Demetris Christofias/ Irsen Kucu Head of Government: President Demetris Christofias/ Irsen Kucu Cabinet: Council of Ministers appointed jointly by the president and vice- president. Elections: President elected by popular vote for a five year term. Last election held in 2008 and next due in 2013.


In September last year the government presented a bill, the Betting Law of 2010, which the aim of retaining online sports and horse betting but banning all other forms of online gambling such as roulette, slots and poker.


The bill suggests the following:


• The implementation of a National Betting Authority within three months of the law being introduced which will consist of a chairman and six members. Term of office for the chairman and members is four years which can be renewed for a second period. The position of the authority will be to examine applications for bookmaker licenses and carry out checks and inspections and issue guidelines for the license holders.


• A Bookmaker’s License must be granted for those wishing to provide betting services. These will be divided into a Class A which authorises betting services apart from horseracing bets and a Class B for online betting (bookmaker’s license for online bets) but does not include slot machines, online


Your


Online gambling in Cyprus currently has an estimated


turnover of around €2.5bn per year yielding a gross


profit of €400m. By


2012 this turnover is expected to be as high as €5bn with a gross profit of nearly €1bn.


casino games or horseracing bets.


• The Class A and B licenses will only be submitted where the applicant is a company registered by shares which were incorporated in the Republic or abroad and which has a branch in the Republic for the exclusive purpose of holding bets and a paid up share capital of at least €500,000. The licensees must also have a bank guarantee of €300,000.


• For Class B licenses there is a further requirement that the applicant must install within Cyprus a back up server which must be connected in parallel with the central server and store real data and information.


• Bookmaker licenses are valid for one or two years from the date on which it was issued or renewed. Charges for licenses (until regulations are enacted) will be €3,000 for a one year license or €5,500 for a two year license.


• Bookmaker premises must be at least 15 sq.m in size, not directly connected to any other shop, office or premises


• Class B bookmakers must register players whilst no cash is accepted only credit and debit cards and wire transfers. No amount over €350 will be paid into a players account until their identity and age has been ascertained.


• All Class A and B licensed bookmakers will pay a betting tax which shall be 10 per cent of the net receipts.


The government had hoped to implement the new bill by January this year however Malta and the UK have expressed their opposition to the Republic of Cyprus online gambling ban considering it as being in breach of EU rules. EU directives require that there must be a public consultation and an impact study on possible repercussions before the preparation of any bill and so the ban is now delayed until feedback which is due by March 14.


Questions put forward include – how customers would pay for any regulated online gaming? Why the numbers of licensees included in the draft are so limited? They also require clarification on some provisions which appear to be


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