Main provisions of The Cyprus gambling legislation
The Cypriot gambling legislation, reflecting the island nation's approach to both land-based and online gambling, is structured through various laws and regulatory frameworks. Key among these is the distinction between different types of gambling activities and the stringent conditions set for their operation.
Legal Age and Eligibility
The age restriction is a fundamental provision in the Cypriot gambling legislation. The legal age for participating in real money casino activities, whether in land-based casinos, sports betting facilities, or online sports betting platforms, is set at 18 years.
This rule is stringently enforced, with operators mandated to verify the age of their customers. Non-compliance with these age verification requirements can lead to severe consequences for operators, including hefty fines and the potential revocation of their licenses.
Regulatory Framework and Licensing
The Betting Law 2012 was pivotal in Cyprus’s gambling legislation, establishing the National Betting Authority (NBA). The NBA plays a crucial role in overseeing gambling activities, including handling registration applications, awarding licenses, conducting audits, and supervising gambling operators.
Another significant regulatory body is the National Gaming and Casino Supervision Commission (NGCSC). The legal framework in Cyprus shows a distinct approach towards land-based and online gambling.
For instance, free game casinos like poker, blackjack, video slots, and Fortune Wheels are not legally permitted. Land-based gambling, on the other hand, is subject to stricter regulations.
In Cyprus, there are two primary types of gambling licenses for new casinos in Cyprus:
Class A License: This covers land-based gambling premises and is essential for operators of physical gambling venues.
Class B License: This is for operators who intend to conduct remote or online betting operations, focusing primarily on sports betting.
Operator Requirements and Taxation
To legally operate a no-deposit bonus casino in Cyprus, a company must fulfill several criteria, including partnership or physical presence, a clean criminal record, and a specified capital endowment.
The financial obligations include an entry fee, license cost, and a paid-in capital requirement. Notably, all transactions must be cashless. The tax regime for licensed sportsbooks involves a flat rate of 13%, a combination of a betting tax and a contribution to the regulatory authority.