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Oliva Cyprus Gambling License

In order to obtain a Cyprus Gambling License, one will have to follow their strict guidelines precisely. The decision of approval lies with the National Betting authority and with this license online gambling companies can operate legally. Cyprus offers and encourages infrastructures for gaming. Licenses offered allow for operation within online sports betting, poker rooms, lotteries, casino and bingo sites. However, gambling at online casino’s is illegal. The only form of online gambling allowed legally is sports betting. This excludes betting on horse races. Nevertheless, a Cyprus gambling license is a one way ticket to a lucrative gaming industry within the island.

http://iowabookgal.com/event/farnhamville-mini-mart/ Corporate tax: 12,5%

Gambling tax: TBA%

Who manages E-Gambling in Cyprus?

National Betting Authority

Overview:

Class B encompasses all electronic gambling. Applications for such a license that the applicant not be convicted by a court and for an individual must be 25 years and older. For corporates, a bookmaker license must be incorporated with premises in Cyprus. The provider must also prove that they have enough funds to pay out the players. Class B services are dealt with Section VI of the law, providers of online gambling services must adhere to the following:

– The registered name of the company,

– 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. All betting transactions must be handled with debit cards, credit cards or electronic funds transfer, cash handling is prohibited.

Minimum Share Capital for an iGaming Company:

€ 500 000.00

Licence Fee:

€30 000.00 for one year

€45 000.00 for two years

Licence Length:

1 / 2 years

Anti-Money Laundering Policy:

All operators must comply with AML legislation in force.

Country Restrictions:

The player must be 18 years and older and made aware of their actions and the fee they are responsible for. Also the provider must ensure that the player has enough funds to cover their bet. The institution must have a bank account within the Republic of Cyprus of which the player’s monies are deposited in for safekeeping; this must be separate from the institutions monies.

Contact Details:

Address:

Cyprus Ministry of Finance

Michael Karaoli and Gregori Afxentiou

Nicosia, Lefkosia

Cyprus 1439

Website: www.mof.gov.cy

Email: [email protected]

General Information: +357 226 027 23

Online casinos licensed in Cyprus