framework for betting operations through land-based and remote platforms.


u


Tere are two types of licences available for betting. A Class A Bookmakers licence is issued for land-based betting services with physical premises (excluding Class B betting services and horse race betting). A Class B Bookmakers licence regulates online betting services (excluding slots, online casino games and electronic horse race betting).


u


Licences for Class A and B can only be applied for by a company with a paid-up share capital of at least €500,000 and must be incorporated in the Republic of Cyprus. An overseas company can apply if they have a branch in Cyprus. A bank guarantee of €550,000 must be submitted.


Licences are valid for one or two years and licensing fees are €30,000 for one year or €45,000 for two years. u Players must be registered and over 18.


u u


Online sports betting operators pay a gaming tax of 13 per cent of gaming revenue. Of this 10 per cent is paid to the Re- public’s Consolidated Fund, two per cent to the Cyprus Sports Organisation to support football and sports federations and one per cent goes to problem gambling associations.


u


Penalties for operating any prohibited gambling (online casinos etc) can include fines of up to €300,000 and up to five years imprisonment.


Gambling is owned and operated by the state to a limited


extent, whilst private companies are permitted to offer gambling services. However, online betting on horse races, spread betting, dog racing, bitcoin gambling and online casinos are all prohibited. So in theory, the only form of online gambling permitted is sports betting. Horse racing reappeared in Cyprus at the end of the 19th


Gambling is owned and operated by the state to a limited extent, whilst private companies are permitted to offer gambling services. However, online betting on horse races, spread betting, dog


racing, bitcoin gambling and online casinos are all prohibited. So in theory, the only form of online gambling permitted is sports betting.


century, although the tradition of this sport dates back to the Hellenistic period. Te Law No. 48 of 1973 (amended most recently in 2007) regulates horse racing betting in Cyprus. Te Nicosia Race Club was founded in 1934 and is the only organisation in Cyprus to run horse races and accept pari-mutel bets and holds events twice a week throughout the year. Tis is around 500 races annually. Races are held at the Nicosia Racecourse in Ayios Dometios. Bets are accepted at the club or at one of over 100 authorised betting agents. Te Cyprus Turf Club is the authority controlling horse racing in Cyprus. Te NBA recently raised concerns over an increase in the


number of advertisements for unlicensed casinos doing the rounds on social media platforms. Many of the adverts have been using well-known personalities in promotional materials, often without permission, creating the illusion of endorsement. Online casino operation is strictly prohibited under Cypriot law.


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