In 2012 Cyprus introduced a new and comprehensive document that would regulate gambling activities in the country. The Betting Law revised existing rules and added new ones. According to this law, the central authority for gambling and betting matters in Cyprus is the National Betting Authority (NBA). It issues the licenses needed to conduct such activities in Cyprus and supervises authorized gambling operators.
According to the Betting Law, there are two main types of authorized gambling activities:
– class A: betting activities and services that take place in license premises, except those in class B and horse race betting;
– class B: online gambling, except from certain benefit games machines, online casino games, electronic horse race betting.
Our company formation experts in Cyprus can give you detailed information about these types of activities.
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Relevant legislation for gambling in Cyprus
The following Acts and legislative documents are the most relevant legislative documents that govern any gambling activity in Cyprus: the Betting Law of 2012 – Law 106(I)/2012, Gambling Law 108(I)/17/7/2012, Gambling Law 4374/28/12/2012, Directive 98/34/EC amended by Directive 2006/96/EC, the bilateral agreement between Cyprus and Greece regarding the Greek Organization of Football Prognostics.
Our partner law firm in Cyprus can tell you more about how the law influences and regulates gambling activities in Cyprus.
People who want to start a business quickly and without going through the entire incorporation process can buyshelf companies in Cyprus. Such businesses are generally created and offered for sale by providers that deal with this type of activity only. If you need support in choosing such a company, feel free to contact us.
Licenses for gambling activities – presented by our specialists in company formation in Cyprus
Licenses for gambling activities are given according to the class of activity, as described above. The request for a gambling licence can be submitted by a company incorporated in Cyprus or a foreign company that has a branch in Cyprus whose principal acidity is carrying out betting activities. The application must be submitted with a bank guarantee of a bank in Cyprus or an EU member state.
Companies registered in other EU states that have a betting licence in that state (only limited to betting and no other gambling activities) can provide these services until the NBA issues a licence for this purpose, provided that the company has also applied for a licence with the NBA. The licenses are not transferable or assignable.
Gambling licenses in Cyrus are issued for one or two years ant they can be renewed. For more details about the application documents and other details, you can contact our experts in company formation in Cyprus.