Cyprus
According to the Gambling Law, which was adopted in Cyprus in 2012, gambling activities in Cyprus are controlled by the National Betting Authority (NBA). Having a license is a guarantee to the user that if they win, they will make a profit. It is only possible to obtain a betting license in Cyprus.
The National Betting Authority of Cyprus (NBA) offers 2 classes of betting license:
Class A - regulates betting on sports games. The license allows you to accept all bets (except horse racing). The license is issued to bookmakers and does not apply to the virtual world. These are offline betting shops, which are traditional gambling establishments.
Class B - regulates the activities of bookmakers on the Internet. It does not apply to slot machines, lotteries, online casinos and horse racing.
The requirements for obtaining a Class A or B license
- Registration of the company in Cyprus or a subsidiary, partnership with a local company. The main activity of the company - gambling bets. Such company must have a share capital of at least 500,000 euros.
- Guarantee of a bank in Cyprus or another EU member state in the amount of 550,000 euros, valid for six months after receipt of the license.
- The licensee must pay a fee.
- No criminal record of the licensee.
- Players under the age of 18 are not allowed.
- Demonstrate high solvency to pay winnings to players.
- The organization must operate a settlement betting system.
- Provide protection for players, in accordance with the Cyprus Betting Law 2012.
The license is issued for one or two years at the discretion of the National Commission and can be renewed after the expiration of this period. The NBA can revoke or suspend the license in case of non-compliance with the established rules.
The procedure for obtaining a gaming license in Cyprus:
- Registration of the company in Cyprus.
- Opening of a bank account.
- The drawing up of a business plan.
- The filling all necessary documents.
- Applying for a license.
The fees for licensees in obtaining a Cyprus Gambling License:
30 000 euros per year.
45 000 Euros over two years.
Taxation:
Combined tax rate is approximately 13%.
The gambling tax is 10%.
3% - tax on net income. Of which 2% will be allocated for the development of Cyprus sports federations, 1% - for the improvement of gaming programs (according to the Betting Law 2012).
There are technical requirements for the software:
- Having a backup server in the Republic of Cyprus, which must be connected to computerized systems in Cyprus and be able to display real-time transactions and information on betting activities.
- The availability of a dedicated website with the ".com.cy" domain, as required by Cyprus law.
Our company will take care of all the issues related to obtaining the license.
For more detailed information and cost clarification, please contact our specialists. We will be happy to answer all your questions!
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