Gambling Webhosting and Licensing

Tuesday, 22 September 2015

Online Gambling - Cyprus

Cyprus gambling licenses

Cyprus, an island in the eastern Mediterranean, has rich, turbulent history stretching back to antiquity. Known for its beaches, it has a rugged interior with wine-growing regions. It’s separated into a Greek south and Turkish north, with the capital Nicosia also divided. Coastal Paphos is famed for its archaeological sites relating to the cult of Aphrodite, including ruins of palaces, tombs and mosaic-adorned villas.

Corporate tax: 12,5%
Gambling tax: TBA%

Who manages E-Gambling in Cyprus?
National Betting Authority

Overview:
Class B encompasses all electronic gambling. Applications for such a license that the applicant not be convicted by a court and for an individual must be 25 years and older. For corporates, a bookmaker license must be incorporated with premises in Cyprus. The provider must also prove that they have enough funds to pay out the players. Class B services are dealt with Section VI of the law, providers of online gambling services must adhere to the following:
- The registered name of the company,
- Registered address,

The official number and date of the licence and a statement that the use of the services by any minor is illegal under the Betting Law. All betting transactions must be handled with debit cards, credit cards or electronic funds transfer, cash handling is prohibited.


Minimum Share Capital for an iGaming Company:
€ 500 000.00

Licence Fee:
€30 000.00 for one year
€45 000.00 for two years

Licence Length:
1 / 2 years

Anti-Money Laundering Policy:
All operators must comply with AML legislation in force.

Country Restrictions:
The player must be 18 years and older and made aware of their actions and the fee they are responsible for.  Also the provider must ensure that the player has enough funds to cover their bet.  The institution must have a bank account within the Republic of Cyprus of which the player’s monies are deposited in for safekeeping; this must be separate from the institutions monies.

Contact Details:
Address:
Cyprus Ministry of Finance
Michael Karaoli and Gregori Afxentiou
Nicosia, Lefkosia
Cyprus 1439
Website: www.mof.gov.cy
Email: registry@mof.gov.cy
General Information: +357 226 027 23

Online casinos licensed in Cyprus
24Option
7 Bingo
AnyOption
ApostenaBolsa
Backgammon Masters
Banc De Binary
Banc de Swiss
Banc Options
BestCasino
BestPoker
BetCrib
Binary 360
Binary Banc
Binary Markets
Bingo Anywhere
Bingo Bingo
Bingo Boat
Bingo Bytes
Bingo Cheers
Bingo Empire
Bingo Flame
BingoFest
BingoHouse
BingoSKY
Bingoville

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