Cyprus Jurisdiction Overview
Cyprus is an island located in the East Mediterranean Sea. It is the third largest island with the official languages in Greek and Turkish. A complete ban on-line gambling in Cyprus was established through the Betting Act 2012. The new legislation regulates and protects the citizens of Cyprus engaging in online gambling that was previously not protected by law.
The Lotteries & Gaming Authority of Cyprus is a member of the EU and established new regulations for online gaming licenses in 2004. The new Remote Gaming Regulations offered a broader range of gaming including:
- Online Casinos
- Casino games
- Betting Exchanges
The improved regulations places business operators at a better advantage on a commercial and tax level.
Licenses are broken down into four types including:
- Class 1 – Online gaming
- Class 2 – Online betting office or betting exchange office
- Class 4 – Promote and support gaming from Cyprus
- Class 4 – Manage and host online gambling operators.
The Gaming Authority requires that the licensee appoint one official to personally oversee and supervise the operation. The appointed individual is responsible to report to the Cyprus Authority and must hold the title of director of the business.
Online gaming sites required to conduct testing by an approved laboratory within 6 months prior to applying for a license. A license is valid for a period of 5 years and is non-refundable.
Protecting players must be strictly enforced and is outlined clearly:
- The licensee’s own funds are to be kept completely separate from player funds
- The licensee is obligated to instruct and authorize credit financial institutions held by the player’s account and may be requested to disclose this information to Authority
- The funds in the player’s account which includes all funds in transit or cleared through the banking institution must be equal to the total credit amount standing in the player’s account.
The Cyprus Gambling Commission examines applications for approval offering online gaming operators the back-end support and tools needed to run a well regulated business.
Online Casinos in the Jurisdiction of Cyprus
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