The Betting Law of 2012
However, there are no specific laws against its use. Since online casino gambling is illegal, the crime would be in gambling rather than the use of virtual currency. Online Casino Gambling in Cyprus Conclusion. We don't find any indication that online gambling will be legalized anytime soon in Cyprus.
After much debate, the government passed the Betting Law of 2012, which made gambling on casino 'games of chance' illegal whether in land-based casinos or online. The new law further established that sports betting, horse racing and lotteries would become the only legal and regulated forms of gambling in physical venues while only sports betting and lotteries could be played online.
The National Betting Authority
As part of the new betting law, the Ministry of Finance established the National Betting Authority ('NBA') as the governing body that would become the licensing and regulatory body responsible for administering all facets of gambling within the country's boundaries.
The NBA's authority includes the protection of minors and problem gamblers from predatory advertising, providing licensing and monitoring services for legal gaming operations, fighting against illegal forms of gambling and working with the Ministry of Finance to support the taxation of gambling service providers both in land-based and online casinos.
Class B Gambling
In order to properly identify and distinguish between land-based and online gaming operations, two classes, 'A' and 'B,' of gaming were set forth. While Class A pertains to land-based gaming operations, Class B is solely devoted to online gaming.
Class B regulations give the NBA the authority to deal with regulations related to how players interact with online gaming sites and how online gaming sites are required to interact with both the NBA and players.
Online Gaming Regulations
As indicated above, the NBA provides regulations for both players and gaming service providers. Players are required to be at least 18-years of age and provide proper identification. They must register for an account with the gaming service provider. They cannot fund the account with cash and must be able to provide proof they have the funds to back all deposits made by credit card, debit card or electronic transfer.
Cyprus Casino Resort
As far as provider regulations are concerned, the following is a list of requirements that must be met in order to offer online sports gambling or lotteries in Cyprus.
- Each license applicant must be free of criminal convictions.
- A license application must be submitted to the NBA.
- Applicants acting as individuals must beat least 25-years of age.
- Applicants acting as corporations must be incorporated in Cyprus.
- Applicants must submit proof of solvency to cover player winnings.
- Online sites must have adequate accounting and internal control procedures, including system security.
- Online sites must maintain an active bank account with a bank that provides services in Cyprus. Player funds must be segregated from operating funds.
- An office or headquarters must be maintained on Cyprus soil.
The goal of all these regulations is to provide a safe and legal environment for players to bet on sports and lotteries without the possibility of providing money laundering services or other illegal enterprises.
Summary
Next Cyprus Online
From 2012, when the Betting Law came into effect, it was decided that sports betting, horse racing and lotteries would become the only legal and regulated forms of gambling in land-based venues, while only sports betting and lotteries could be played online.
Click to visit Cyprus website.
Posted by CCJ Team
A gaming license is necessary for any online gambling enterprise if its operator wants to run the business legally and offer their players the best games. It is also necessary for opening a merchant account for your venture. Read about opening merchant and processing accounts.Gaminglicensing offers Curacao and Maltese licenses for online businesses, since these two are the most popular options to date. Both these licenses have their advantages. However, changes constantly occur in gaming legislation, so we compiled the information on legislation in different countries. Read about it in this section.
Curacao license
The Curacao license is a perfect balance between the cost and quality. It takes only 2 weeks to obtain it, it is economical, and you can operate any gambling business under one license. Note, if you want to open your own casino, you may not worry about the license at all: our White label platform solution lets you operate under our license.
Maltese license
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Maltese license is expensive but very prestigious. There are 4 types of Maltese licenses, each necessary for conducting a particular type of gambling activities: Class 1 – for casino games, skill games and lotteries, Class 2 – for betting, Class 3 – for peer betting and betting exchanges and Class 4 – for software vendors.
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There are also other options, which are described in detail in this section. Read about legislation in different countries and ask our experts if you have questions or would like to obtain a license.