How to get a license for online gambling in Cyprus? Cyprus Gambling License — an official permit for gambling activities issued by the responsible authorities of the Republic of Cyprus. The license is issued for 4 years with the right to extend for an additional 5 years. If you are a businessman and want to work legally in the field of gambling, you will need such a document as a Gambling license in Cyprus.
North Cyprus casino
Why is opening a gambling business in South Cyprus is better than registering a North Cyprus casino? Online gambling in Cyprus is regulated throughout the island, but the most transparent regulation procedure is provided by the Southern part. Besides, given the practice of non-recognition of the Northern (Turkish) part of Cyprus in international law, there is no need to cover obtaining a license in this part. Although it is worth noting the fact that the best casino in Cyprus and online casino Cyprus is located here.
Casino Merit Cyprus
The southern part, the Republic of Cyprus, allows the operation of land-based casinos, sports betting, and online betting. One of the first companies to issue a local license was the brand Casino Merit Cyprus .
Casino online in Cyprus is licensed by 2 organizations:
– Cyprus Gaming and Casino Supervision Commission, which regulates land-based casinos in Cyprus Limassol, Paphos, Nicosia, etc.
– National Banking Authority (National Betting Authority), which regulates sports betting, both online and in the land-based sphere.
Best casino in Cyprus
To get a license to register a casino or one of the best casino in Cyprus, you need to pass a tender. It should be noted that the requirements of the gambling commission include a significant list of licenses to operate. For example, a license is required for employees of a gambling establishment. Companies have the right to apply at any time.
There are the following types of licenses for online gambling in Cyprus:
– CLASS A. It is issued to land-based bookmakers who plan to open a casino Nicosia, Paphos, Limassol, and other cities of Cyprus.
– CLASS B. Issued for online betting.
– CLASS A authorized representative. The license is obtained by a representative, it is similar to the first option, but its cost is lower.
Cyprus online casino
Requirements for gambling licensees in Cyprus.
To obtain a gambling license for landbased or Cyprus casino online , the company must present a number of documents that meet the basic principles:
– The identity of the applicant is checked (for example, for compliance with the photo).
– Checking the company’s finances. Only official documents are accepted.
– Integrity check. The company’s activities will be reviewed before the application is submitted.
– Verification of competence in a particular field. Whether the company is located on the island or has a partnership with a company on the island.
– Checking the ID of players to determine their age.
– Not allowed with cash in the implementation of electronic rates (the class).
– Payments can only be made by electronic transfer/to a card (Class B).
– It is forbidden to accept a bet (Class B), if there are no funds to cover it.
– To obtain Class B licenses, you need a bank account in Cyprus.
Online gambling in Cyprus
Taxes for online gambling in Cyprus. The tax on the combined rate is 13%, of which 10% is accounted for net profit, 3% for other taxes. 2% is allocated to the development of sports federations, 3% and 1% are allocated according to article number 71 of the Betting Act of 2012 to improve the gambling program.