Online gambling in cyprus has many advantages, the biggest advantages being a high welcome bonus and that you can play the games with your smartphone anywhere on the island. Cyprus is a country where gambling licenses began to be issued relatively recently. Despite the regularly held poker tournaments and the love of Cypriots for gambling, as well as the desire of many tourists to play online slots in Cyprus, it is quite difficult to obtain a license for an online casino in this country. In addition, there is also the hotel casino Cyprus in addition to a few other hotels.
Online casino Cyprus
The license for online casino Cyprus began to be issued only in 2016. Online casinos remain officially banned at the moment, but the authorities are expected to revise the legislation very soon. One regulator is enough to control online projects. Today, the National Betting Authority (NBA) operates by issuing licenses for online gambling in Cyprus. It is the official regulator for licensing local bookmakers.
Features of obtaining a license for an online casino in Cyprus.
Since the Cyprus Casino operating on the Internet are officially prohibited, bookmakers take on active online gaming activities.
There are two types of licenses for gambling sites and casinos in Cyprus:
– A-class license, where you can put only indoors. Horse racing is not permitted.
– B-class license, where bets can be made exclusively online. A license to open an online casino, slot machines and slot machines are strictly prohibited.
It should be noted that there are a lot of unofficial online casinos, which the Cypriot authorities do not pay attention to, indulging the passions of local residents for entertainment Cyprus.
Pricing policy, conditions, and taxes.
The cost of a license to open an online casino Paphos and other cities in Cyprus is:
– for 1 year – 30,000 euros;
– for 2 years – 45,000 euros.
Online gambling in Cyprus legislation.
An application for a license can only be submitted by a company officially registered in Cyprus or having a branch in this jurisdiction.
Other requirements for obtaining a license for online gambling in Cyprus:
– The absolutely clean and satisfactory reputation of the operator;
– Provision of evidence of working servers (main and backup) in Cyprus;
– Submission of reports on the first requirement of the supervisory authority (NBA).
The tax rate on the company’s monthly profit is 13%. At the same time, 10% goes to the treasury of the Republic of Cyprus, and the remaining 3% goes directly to the NBA.
All applications are processed very quickly – within two weeks. Moreover, all bookmakers are required to operate in the com.cy domain zone. Thus, Cyprus is interested in financially secured operators who are ready to conduct gambling activities in this jurisdiction.
Accordingly, online casino owners with good financial capabilities are likely to be able to open their projects in Cyprus.
Cyprus is a country with the excellent financial performance of earning people. This jurisdiction is just starting its activities in the online gaming field. Therefore, companies with good financial capabilities should create their projects in a country where betting, entertainmant Cyprus and gambling are so fond of.