Gambling is very well regulated in Cyprus, as the country attracts a great number of foreign investors coming here with the purpose of opening casinos and other types of gambling facilities. Among these, the sports betting branch of the gambling industry has grown quite popular in the last few years.
Foreign investors who want to open sports betting businesses in Cyprus must comply with a quite extensive legislation and are required to obtain specific licenses for this activity.
You can rely on our Cyprus company formation consultants if you want to set up a betting agency in this country.
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The legislation imposed on betting agencies in Cyprus
As mentioned above, there are various laws which must be respected in order to open a Cyprus company which offers sports betting services. Among these are:
- – the Cyprus Betting Law and the Casino Act which was last amended in 2015;
- – the Anti-Money Laundering Regulations imposed by the National Bank of Cyprus;
- – the agreement signed by Cyprus and Greece in relation to offering betting and other gambling services;
- – the regulations and directives imposed by the National Betting Authority in Cyprus.
Sports betting agencies in Cyprus can offer their services through traditional establishments or online. In the last case, the Online Gaming Law must also be respected.
Cyprus company formation for opening a betting agency
In order to open a betting agency in Cyprus, the company registration procedure is mandatory. Once the company is registered with the Trade Register, it must apply for a license which will enable it to complete sports betting activities. If these activities are carried out online, the creation of a website and registration of a domain name are mandatory.
Our local advisors can guide foreign entrepreneurs through the company registration or purchase process in Cyprus.
There are several verifications to be made before purchasing a shelf company in Cyprus. Although this type of company is typically safe for business, our agents may assist you in such situations by helping you verify that it has all the necessary paperwork and that it meets your market’s demands before you finalize the purchase.
Licenses for betting agencies in Cyprus
A sports betting agency in Cyprus can apply for one of the following licenses:
- – the A class license which provides for the activities of betting agencies with physical premises;
- – the B class license which covers the activities of online betting agencies.
For assistance in opening a betting agency, please contact our company formation agents in Cyprus.