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1. Internet Incorporate offers solutions to licensing of various structures and business models. Contact us to discuss your licensing needs.
2. Interested in performing gambling activities in Cyprus? You will need a Class A or Class B permit for your specific activity. Our company formation agents in Cyprus can help you obtain this permit.
3. Online gambling is any kind of gambling conducted on the internet. This includes virtual poker, casinos and sports betting. The first online gambling venue opened to the general public, was ticketing for the Liechtenstein International Lottery in October 1994. Today the market is worth around $40 billion globally each year, according to various estimates. Many countries restrict or ban online gambling.

Cyprus Online Shopping

If you thought online gambling laws were bad where you live, then, presumably, you don’t live in Russia or Cyprus.

Those two countries already have bad track records for Internet gambling freedom, and that’s only getting worse. In Russia, the government has moved on from banning almost all land-based gambling to cracking down on online casinos and Internet poker rooms, too.

A new bill introduced by Russian politician Ivan Savvidi “proposes fines between 500 and 2000 roubles for people gambling outside of the official gambling zones using mobile networks and Internet, meaning that online casinos and poker will be illegal in Russia,” according to the Moscow News.

Say what you will about the UIGEA, but it doesn’t specifically outlaw online gambling on those terms, nor does it target the gamblers, only the banks. Russia’s approach is more strict: “Previously the law only concerned organisers of gambling, and now the gamblers themselves will also be responsible,” Savvidi was quoted in the article.

And the island nation of Cyprus has experienced actual violence, some of it pretty extreme, over its online gaming laws, reports the Cyprus Mail, which describes torture, kidnapping, and related suicides in detail.

Part of the problem, as with the U.S., is that the legality of online gambling is sort of undefined in the country. “At the moment there is no law which states online gambling is illegal in Cyprus,” a betting shop owner relates in another Cyprus Mail article, “ … so, then the only other thing to call it is legal.”

Cyprus legislators are hoping to change that situation by completely banning online gambling, but they have to get EU approval first. In the meantime, authorities will likely continue to be overwhelmed by the power of the gambling cartels. Some major online casinos are already leaving the Cyprus market, reports BusinessDay.com.

So, will watching online gambling break down into Mexican drug war levels of violence in other countries help lawmakers in the U.S. understand the dangers of unregulated Internet gambling? Probably not, but at least compared to this, the United States’ anti-online gambling law, the UIGEA, doesn’t seem so bad. (Especially considering that proposed changes to it might be bad for affiliates.)

• Currently only sports betting is legal
• 2 classes of licences
• No players below the age of 18 are allowed
• Physical presence of a provider or its partner in Cyprus is a must
• 10% betting tax

In 2012, the gaming law was adopted in Cyprus. It preserves previously existing regulations and introduces several new positions. According to the gambling law of Cyprus, all gambling activities in the country are going to be supervised by the National Betting Authority (NBA), which has already authorised two types of licences:

1. class A licence
2. class B licence

Worth mentioning that both types only cover sports betting, as it is the only legal option of gambling thus far. The first type encompasses land-based activities, excluding horse racing. The second one covers remote gambling operations, once again, except for online horse racing. Gambling operators whose businesses are still unauthorised risk being fined.

Here are some of basic requirements a licensee must fulfil in order to obtain a licence:

1. One of the requirements for a company to get a licence is to be physically present on the island or be in partnership with a local company.
2. A licensee must have a decent criminal-free background.
3. A licensee may not fund his or her account with cash.
4. Players below the age of 18 are not be allowed to play gambling games and must provide their IDs.
5. A future operator should pay a €30,000 fee for a one-year licence or € 45,000 fee for a two-year licence.
6. Taxes include a 10% betting tax and a 3% of the net revenue.

Is Gambling Illegal In Cyprus

The legal base of gaming business in Cyprus is understandable and convenient, which gives operators opportunity to conduct legal business in this country.