Cyprus has recently concluded a review of its gambling laws and the Cyprus Ministry of Finance has submitted a draft bill to the European Commission for clearance, regulating all forms of online betting and gambling other than horse racing, for which a separate bill is to be prepared.
The bill creates a National Betting Authority to oversee the gambling industry, which will be responsible for reviewing all applications, issuing licences and building permits and cooperating with international organisations in the industry.
The key provisions regarding online betting are as follows:
- Providers of gambling services must be registered with the National Betting Authority. Applicants must be a company limited by shares incorporated in Cyprus or abroad with the sole object of conducting collective gambling and with an issued and paid-up capital of at least €500,000.
- Players must be over 18 years old. They must complete an application for registration and hold an account with a licensed provider.
- Bets may be placed only via credit cards, debit cards, electronic transfers, cheques and other means approved by the National Betting Authority, with strict limits on transaction charges.
- The provider is obliged to maintain players' accounts and to credit all amounts due to the registered player.
- Providers will be liable to betting tax at the rate of 10% of amounts staked.
- Providers must maintain a web page showing their company's name, address and licence details, together with links to web pages of organisations providing help against gambling addiction.
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.
