Situated in the northeastern part of Mediterranean Sea, Cyprus is the third largest island of the Mediterranean with a 782km of coast line and a land area of 9,251sq km. Thus, in the heart of this picturesque country, Cyprus has become one of the major players in different spheres, including the rapidly developing spheres of sports betting and gambling. This article explores the Cyprus bookmakers, sports betting legislation, as well as the legal regime in the sphere of these services.
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Table of Contents
Summary of Key Events
The History of Gambling Laws in Cyprus
The history of the regulation of gambling in Cyprus has always been a rather convoluted one. The laws have developed over time in order to address the changing nature of the gambling and betting activities.
Key Legislation
Casino Gambling:
- Cyprus Casino Operations and Control Law: This law determines the conditions for permission of one land-based integrated casino resort and four satellite casinos in different districts. It also set up the Cyprus Gaming Commission as the casino gaming regulator.
- Casino Operation and Control Law (General) Regulation 2016: Gives further information on the control of the legalised casinos.
- Advertising Standards Code: Says that the Commission has laid down the following conditions regarding the advertising and promotion of casino gambling.
- Advertising and Promotions Direction: Defines the detailed guidelines of the Commission regarding to the advertising and promotion of casino gambling.
Betting:
- Betting Law 2012, No. 106(i) 2012: Defines the general framework for betting activities in the Republic of Cyprus, including for the terrestrial and online betting activities. This law also bans the bookmakers and online casinos from operating in the country.
Lotteries:
- The Lotteries Law 1983: Stipulates for the creation and structure of the National Lottery and the prohibition of private lotteries with some exemptions.
- The Government Lotteries Regulations 1983: Expounds on the aspects of regulation and management of the National Lottery.
Horseracing:
Law No. 48 of 1973 (Amended): Outlaws horse racing betting in Cyprus, with some modification made in the following years.
Regulatory Framework of Cyprus Bookmakers
The gambling industry in Cyprus is regulated by multiple legislative instruments:
- Betting Law (Law 37(I)/2019): It ensures that betting activities which include carding of bets as well as electronic betting are conducted efficiently.
- Law on Betting Houses, Gaming Houses, and Prevention of Gambling (Chapter 151): A criminalization of certain gambling related activities.
- Law on Slot Machines, Skill Machines, and Entertainment Machines (Law 32(I)/1996): Lays down the rules regarding the ownership, use and utilization of such machines.
- Law on the Establishment, Operation, Activity, Supervision, and Control of Casinos (Law 124(I)/2015): Mosquitoes the establishment, licensing and operation of casinos.
- Lotteries Law (Chapter 74) and Law on the Taxation of Profits (Law 191(I)/2012): Controls the taxation on the gains made from the lottery.
- Law on the Prevention and Suppression of Money Laundering Activities (Law 188(I)/2007): Tackles the general risks that are related to the gambling activities.
Regulatory Bodies
Different aspects of the gambling industry in Cyprus are overseen by specialized regulatory bodies:
- National Betting Authority (NBA): Founded under the Betting Law of 2012 it is the regulating body of betting activities.
- National Gaming and Casino Supervision Authority: Set up under the Casino Control Law 2015 it is responsible for the regulation of casino gaming and allied matters.
- District Officers or Other Authorities: As for other types of gambling, the regulation of which is its responsibility.
Types of Cyprus Bookmakers Licenses
Cyprus offers two primary types of betting licenses:
- Class A License: It oversees and controls land based sports betting but does not cover horse racing.
- Class B License: It deals with the supervision of online betting services which do not include slot machines, online casinos or lotteries.
Application Requirements
To obtain a Class A or Class B license, applicants must:To obtain a Class A or Class B license, applicants must:
- Owns shares in Cyprus or a partnership with a company that is Cyprus based.
- Ensure that you give a bank guarantee of EUR 550,000.
- Ensure that, enough capital to cover the players’ winnings is available.
- Ensure that you have satisfactory control and accountability system.
- Follow the rules on the protection of players.
Costs of Licenses and their Time Frames
Licenses are issued for one or two years and can be renewed upon application:
- One-year license: EUR 30,000
- Two-year license: EUR 45,000
Taxes and Fees
A combined tax rate of 13% is applied to net revenue:
- 10%: An overall tax on the net income.
- 3%: The contribution to the National Betting Authority, where 2% of it will go to the sport federations while 1% will go to the gambling addiction programs.
Prohibited and Allowed Bets
Cyprus has specific regulations concerning what types of bets are allowed:
- Allowed: Sports betting, and betting on any event that involves people.
- Prohibited: Online betting of horse racing and betting of virtual games.
The Development of Cyprus Sports Betting
The history of sports betting in Cyprus is marked by significant milestones:
- 2012: Adoption of the Betting Law 2012 which created the NBA and legalizing of online and offline sports betting.
- 2015: Out of the laws enacted in the country, this paper will focus on the Casino Control Law that has allowed for the development of an Integrated Casino Resort.
- 2018: Launching of a temporary solution of a casino in Limassol.
- 2021: Anticipated start of operations of the Integrated Casino Resort.
- 2019: Regulation of betting activities through amendment of the Betting Law (Law 37(I)/2019).
Major Sporting Events
Cyprus has also achieved recognition in various international sporting events:
- UEFA Champions League: Anorthosis Famagusta FC and APOEL FC have been some of the teams that have done well in the European football arena.
- Rugby: National rugby union team known as The Moufflons is also known for having the longest number of international wins in a row.
- Olympics: Pavlos Kontides secured Cyprus’ first Olympic medal; a silver in Sailing at the 2012 London Olympics.
Conclusion
In conclusion, the sports betting and gambling industries’ legal and regulatory frameworks are well developed in Cyprus. Therefore, it is essential to comprehend this structure for all those who want to meet Cyprus bookmakers and immerse themselves in the exciting sphere of Cyprus sports betting.
FAQ About Cyprus Bookmakers
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