Who regulates the betting activities in Cyprus?
The Betting Law of 2012 established the National Betting Authority ("NBA").
Among the responsibilities of the NBA are the following:
- The licensing and supervising the providers of authorized betting services
- The monitoring of illegal gambling
- The protection of minors and problem gamblers.
What kind of licences are there for the provision of betting services?
The Law provides for licences of Class A and of Class B.
- Class A encompasses betting services provided within physical premises (with the exception of the services included in Class B).
- Class B covers the provision of online betting services.
What information should be included in the websites of providers of electronic betting services?
- The registered name of the company;
- Its 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.
Are there any restrictions regarding the domain of the website providing the services?
Yes. Class B services may be provided only through a website using a '.com.cy' domain.
Please note that at the moment the NBA has not started accepting application for Class B licences. The Law sets out transitional provisions according to which EU licensed providers at the moment can continue their operation.
Are there any kinds of betting services that are prohibited?
Yes, the Betting Law of 2012 prohibits among others the following:
- horserace betting,
- limited betting games machines,
- online casino games,
- spread betting,
- dog racing
- and other games of chance.
What conditions should a provider of betting services fulfill?
Only licensed persons or their authorised representatives can provide betting services in Cyprus. Applications are to be submitted to the NBA and are subject to its approval.
The applicant should not have been convicted by a court for a relevant crime and,
- In the case of physical persons, they must be at least 25 years old.
- In the case of legal entities, they must be incorporated in Cyprus or have a branch in Cyprus.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.