Cyprus is the third large island in the Mediterranean Sea situated in the northeastern part of the sea. It issued the declaration of independence on the 16th of August in 1960 and formed the Republic of Cyprus. Cyprus is one of the most famous countries in the sphere of gambling, which is why it has a developed legal framework for gambling activities. This guide will help you understand the history of the gambling industry in Cyprus, the laws governing gambling and sports betting sites in Cyprus, and important information about betting sites in Cyprus.
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Table of Contents
Summary of Key Events
A brief overview of Cyprus Gambling Laws
Gambling has come a long way in Cyprus and there have been changes as to the way it is conducted. Here’s a brief timeline.
- 1969: The first law on gambling was passed and enacted.
- 2012: New measures were made to the existing laws of online and offline sports betting.
- 2015: The Cyprus Casino Control Law was approved enabling the construction of integrated casino resorts.
Key Legislation Governing Gambling
The laws of Cyprus are quite developed as for the regulation of gambling-related activities.
- Casino Gambling: As per the Cyprus Casino Operations and Control Law one may find one land-based integrated casino and four satellite casinos.
- Betting: The Betting Law 2012, No. 106(i) 2012 provides the cornerstone for all the land and online betting activities.
- Lotteries: Under the Lotteries Law of 1983, there is the National Lottery and private lotteries are banned except for certain cases.
- Horseracing: Laws that are used in regulating horserace betting can be traced back to the year 1973.
Regulatory of Betting Sites in Cyprus
The operation of gambling activities in Cyprus is regulated by several bodies.
- National Betting Authority (NBA): In charge of the supervision of the betting activities.
- National Gaming and Casino Supervision Authority: Concerns itself with the casino gaming and related transactions.
- District Officers: Compliance with the laws in relation to other forms of gambling activities should also be observed.
Prohibited and Permitted Bets
Betting on the Internet is legal in Cyprus, however Cyprus has certain restrictions for what can be bet on. Here’s a quick overview.
- Permitted Bets: Sports betting and betting on any event that involves people in any way.
- Prohibited Bets: Betting exchanges, casinos and games which are to be found on the internet.
Obtaining a Gambling License
To establish an online betting business in Cyprus, you will have to get a license. Here is all you need to know.
Specifically, they are the Types of Licenses and Fees.
- Class A License: But for land based sports betting.
- Class B License: For the online-based activities.
Application Requirements
- Cyprus investment shares or a branch in Cyprus with the paid up capital of at least EUR 500,000.
- A bank guarantee in a sum of 550,000 EUR.
- Regulation concerning player protection.
Licensing Costs
- One-Year License: EUR 30,000
- Two-Year License: EUR 45,000
Taxes on Gambling
The gambling operators are to pay a combined tax rate of 13 %; this includes among others.
- 10% Net Revenue Tax: To net profits – applied.
- 3% Contribution: 2% of the revenues to the Cyprus sports federation and 1% to the gambling addicts treatment.
Best Betting Sites in Cyprus
Having understood the legal situation, it is time to introduce the best Cypriot betting websites.
Megapari
Megapari is very popular among players from Cyprus due to the simple interface of the site and the app. Features include.
Megapari
Online broadcast of different sports events.
Generous bonuses and promotions.
Sign-Up Bonus: Up to £100 + 15% in Free BetsUp To £100 + 15% Free Bets
Betmaster
Betmaster has numerous sporting events and betting markets, besides the virtual games and casino. Highlights include.
Betmaster
Affordable odds and quite often promotions.
Offering of betting options from the primary leagues down to the lower leagues.
Sign-Up Bonus: Up to £1000 + £10 Free Bets etc.Up To £1000 + £10 Free Bets
20Bet
20Bet has been on the market since 2017 and presents a good number of markets for various sports. Key features include.
20Bet
Simple and convenient navigation. All the issues are accessible and easy to find.
Welcome bonuses for new players are very favorable.
Sign-Up Bonus: Up to £150 with a Recharge £150 Free BetsUp To £150 + Recharge £150 Free Bets
Major Occasions in Cyprus Sports
Cyprus has many important events in the sports history and this has boosted the betting culture in the country. Here are the following specifics.
- 2008-09: Anorthosis Famagusta FC is the first Cypriot football team that reached the UEFA Champions League.
- 2011-12: APOEL FC got to the quarter final of the UEFA Champions League.
- 2012: Pavlos Kontides made history winning Cyprus first Olympic medal in sailing.
- 2013: Andri Christodoulou got the victory in the World Rally Championship.
- 2019: The Cypriot men’s basketball team have emerged champions of the FIBA Europe cup.
Celebrating Cyprus Sports Stars
Cyprus has also raised a number of world class athletes who have performed to the best of their abilities on the international arena.
- Marcos Baghdatis: An athlete in the professional tennis who competed in 2006 Australian Open championship.
- Pavlos Kontides: A two time Olympian and a silver medalist in sailing at the Olympic games.
- Tio Ellinas: For his new role he became a driver for Marussia Manor Motorsport in the GP3 Series.
Gambling Laws in Neighboring Countries
For comparison, look at the following overview of gambling laws and the authorities that govern them in three countries of the neighboring region.
- Greece: Licensed by the Hellenic Gaming Commission permitting both, online and offline gambling.
- Turkey: The gambling control with a set of very strict rules and only several permits for legal gambling activities within the Ministry of Interior.
- Israel: Gambling is highly prohibited, the only legal forms being the national lottery and sports betting which is under the Israeli Sports Betting Board.
Conclusion
Cyprus is an active and legally sound market for sports betting with a background that can only be described as exciting and with a future that looks bright. Thus, both a bettor and an operator should at least be familiar with the legal aspects, as well as the best betting sites.
Betting Sites in Cyprus – FAQ
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