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Sports Betting License in Cyprus

Sports Betting License in Cyprus

Our law firm can assist with the incorporation, legal support and regulatory licensing of online sports betting operators in Cyprus. 

We have deep knowledge of Cyprus Gambling Laws & Regulations and are happy to share with you our unique experience in obtaining your online sports betting license.

Sports Betting License

In 2012, Cyprus introduced the Betting Law of 2012 (as amended in 2019) which regulates all betting activities in Cyprus. The Law regulates both land-based and online sports betting activities and services. The legal provisions currently ban online casinos, online poker, online bingo and exchange betting.

The Betting Law creates 2 types of betting licenses:

  • Class A license, which regulates land betting services within physical licensed premises, excluding Class B services (online) and horseracing; and
  • Class B license, which regulates online betting services excluding slot machines, online casinos and lotteries.

The National Betting Authority (NBA) is the supervisory authority of all the gambling activities in Cyprus. The responsibilities of the NBA includes the examination of applications, licensing, auditing and supervising betting shops and online betting operators as well as examining any complaints and suspending any licenses in relation to those.

Cyprus Online Sports Betting License - Class B

An application for an Online Sports Betting Licence can only be submitted by a company with a paid-up share capital of at least EUR 500,000 established in Cyprus or with a branch in Cyprus (overseas company) with its main activity being the provision of betting services.

The application also needs to be accompanied by a bank guarantee from a credit institution located in Cyprus or another EU Member State for the sum of EUR 550,000, whose validity shall extend to a period which ends six (6) months after the expiration date of the bookmaker’s licence requested in the application form.

A prospective operator must also satisfy the National Betting Authority (NBA) that it fulfils the following requirements:

  • That it has sufficient resources to pay players’ winnings.
  • That it has adequate accounting systems in place.
  • That it can comply with the regulations in force for the protection of players.

Licences are issued for one or two years, and may be renewed on application, subject to the approval of the NBA.

Sports Betting License in Cyprus

Online Sports Betting License Fees

The fees are EUR 30,000 for one year and EUR 45,000 for two years. The fee is payable with the initial application or upon the renewal of the betting license. If rejected, 75% of the fee is returned.

The Cyprus Sports Betting License covers all gaming operations such as e-gaming service providers, network operators, affiliates, white-label operators and e-gaming software suppliers.  As such multiple license are not required.

A Cyprus Sports Betting License enables the holder to operate all over the world subject to country specific regulations or restrictions.

Gaming Tax

Under the Cyprus licensing regime, online sports betting operators pay an effective tax of only 13% on their gaming revenue – 10% in direct tax, plus 2% to Cypriot sporting bodies and a further 1% to fund responsible gambling initiatives.

AML Legislation

  • 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.

Technical Requirements

  • A backup server located in Cyprus is required which shall be linked to the NBA’s computerised systems and have the ability to facilitate real time transactions and information about betting activities being carried out.
  • A specialised website address ending with a “.com.cy” TLD  is mandatory.
  • The betting platform must meet all the criteria described in Betting Law of 2012.

Prohibited Activities

The following betting services are strictly prohibited in Cyprus either in land-based premises or via online platforms:

  • Betting on horse races;
  • Limited betting games machines;
  • Spread betting;
  • Dog racing; and
  • Bitcoin gambling.

Our Services Relating to Sports Betting Licenses in Cyprus

  • Cyprus Company Formation.
  • Advisory on the optimum set up of your online betting business, addressing your business objectives and at the same time ensuring compliance with regulatory requirements;
  • Serving as Promoter for your sports betting license application to the NBA, preparing internal policies and procedures, gathering the information required, and guiding you all the way until your receive your license.

Our post licensing services include:

  • On-going support by assuming the role of the control functions of the Risk Manager and /or Internal Auditor, and by rendering support services to your in house appointed Compliance Officer and Anti-Money Laundering Compliance Officer.
  • In addition, we provide our clients with ongoing compliance support on implementing regulatory changes as well as changes of management or ownership.

To secure your online gambling license in Cyprus, our lawyers will work closely with the NBA to ensure full compliance with the requirements.

Sports Betting Licenses in Cyprus

See how our lawyers can help you with your Sports Betting License.