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License Betting

Cyprus Betting License Specifications

The new Cyprus Betting Licence is provided by the National Betting Authority(NBA).

Cyprus since 2012 with the launch of the 2012 Betting law has set to be the Niche Jurisdiction within the EU.

With the favorable tax system and business-friendly ecosystem promises to deliver the best infrastructure for betting and gaming companies to be regulated and operate to open markets from within Cyprus.

APPLICATION PROCEDURE

Here are the application requirements for obtaining Class A or B Licence:

 

  1. Has shares registered in Cyprus
  2. Is registered abroad, but has an overseas company branch in Cyprus or a partnership with a Cypriot company and whose principal activity is the carrying out of bets. In this case, the issued and paid up share capital must be at least EUR500,000. The required capital applies to both Cypriot and overseas companies.
  3. Bank Guarantee by a bank of Cyprus or other EU member state of the amount of EUR 550,000 expiring six months after receipt of the license.
  4. Demonstrate the ability to have sufficient resources to pay players winnings
  5. Maintains a suitable control and accounting system for the provision of betting services
  6. Has the ability to comply with regulations for the protection of players as imposed by the (National Betting Authority NBA) under the “Betting law of 2012”

Cost and Duration of license

  • All Licenses are issued for one or two years and may be renewed on application, NBA can revoke or suspend a license in the event of failure to comply with the regulations under the “Article 24” of betting law 2012.
  • The Licensee must pay a fee of EUR 30,000 For one year and EUR 45,000 for two years.

Gaming Tax       

A combined rate of 13% which consist of 10% of net revenue and 3% contribution to the Authority which 2% is allocated to the Cyprus sport Federations and 1% to gambling addition programmes as stated to the (Article 71, Betting Law 2012).

AML Legislation

  • Accepted payment methods for Class B are Debit/Credit Card and/or other kinds of electronic payment(Article 54,Betting law 2012)
  • No cash transactions are allowed for Class-B licensees electronic bets (Article 58(1),Betting Law 2012).
  • Class B licensees are prohibited from accepting a bet, unless in the account maintained in the name of the player are sufficient funds to cover the amount of the bet
  • Class B license must maintain a valid bank account at an authorized banking institution operating in Cyprus.

Technical requirements

  • A backup server in the territory of republic of Cyprus which shall be linked to the authority’s computerized systems and have the ability to facilitate real time transactions and information’s about betting activities.
  • A specialized website address ending with TLD of “.com.cy” from the Cyprus cydns regulatory.
  • The betting platform must meet all the criteria as described in (Directive_13_2016) of Betting Law 2012

Who is the Responsible Authority

 

 

The National Betting Authority was established pursuant to the Betting Law of 2012 (106(Ι)/2012).  The main responsibilities of the Authority are the licensing and supervision of sports betting or other activity within the Republic of Cyprus.

 

 

 

 

Type of Games - Services allowed

The Authority issues the following licences for land-based and online betting:

  • the provision of carrying out betting services within licensed premises excluding online betting services and horse racing betting (land-based betting);
  • the provision of electronic betting services excluding slot machines, on-line casino games of chance provided with a direct link and electronic horse racing (online betting)

Betting Taxes

Every Class A or B licensed bookmaker pays the Republic of Cyprus betting tax which amounts to ten (10%) per cent on the net proceeds from the licensed Class A or B bookmaker’s bet.

 

Every Class A and B licensed bookmaker pays the Republic of Cyprus contribution tax which amounts to three (3%) per cent on the net proceeds from the licensed Class A or B bookmaker’s bet.

The Cyprus Online Betting  Consulting specialists.

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