Types of licenses
Class A
Class A – Bookmaker’s authorized representative license: required by anyone who intents to represent a Class A licensee services and a premises license
Class B
Application procedure
- An application for a Class A or B license may be submitted by a company with shares, established either in Cyprus or abroad which has a branch in Cyprus.
- The main activities of the said company should be to carry on bets
- Minimum issued and paid-up share capital at least EUR500.000
- Accompanied by a Bank Guarantee of EUR550.000 the validity of which extends for a period of 6 months after the bookmaker’s license applied for expires.
- Demonstrate the ability to have sufficient resources to pay players winnings
- Maintains a suitable control and accounting system for the provision of betting services
- Has the ability to comply with regulations for the protection of players as imposed by the (National Betting Authority NBA) under the “Betting law of 2012”
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A person is capable and suitable to obtain a Class A or B license, if the Authority finds that such a person:
(a) Has or may obtain satisfactory resources and retains the minimum required
(b) Maintains a suitable control and accounting system for the provision of betting services
(c) Applies terms and regulations when providing betting services
(d) Ensures suitability or any other equipment proposed to be used.
Gaming License in cyprus
Cost and Duration of license
All Licenses are issued for one or two years and may be renewed on application, NBA can revoke or suspend a license in the event of failure to comply with the regulations under the “Article 24” of betting law 2012.
The Licensee must pay a fee of EUR 30,000 For one year and EUR 45,000 for two years.
AML Legislation
Gambling Operators are required to develop and implement risk-based approach mechanisms as well as to apply specific Customer Due Diligence procedures (provided certain conditions are met – i.e. when carrying out transactions of EUR2.000+)
Accepted payment methods for Class B are Debit/Credit Card and/or other kinds of electronic payment
No cash transactions are allowed for Class-B licensees electronic bets
Class B licensees are prohibited from accepting a bet, unless in the account maintained in the name of the player are sufficient funds to cover the amount of the bet
Class B license must maintain a valid bank account at an authorized banking institution operating in Cyprus.
Gaming Tax
A combined rate of 13% of the net earnings is taxed on gambling operators.
Technical requirements
A backup server in the territory of republic of Cyprus which shall be linked to the authority’s computerized systems and have the ability to facilitate real time transactions and information’s about betting activities.
A specialized website address ending with TLD of “.com.cy” from the Cyprus CYDNS directory.
The betting platform must meet all the criteria as described in the Betting Law 2012
