Cyprus Licensed Casinos

All online Casinos with an Cyprus Gambling License

Introduction to Cyprus Gambling Law and Regulation

Cyprus Licensed Online Casinos

This is a country located on the eastern coast of the Mediterranean Sea. This island country is located south of the Anatolian Peninsula. The island is the third-largest in the Mediterranean region. It has Syria in the west and Turkey in the south.

The capital and largest city here in Nicosia. Cyprus came under the UK administration after the Cyprus convention that was held in 1878. It was formally annexed to the UK in 1914.

There were two ethnic communities in prominence here, the Greek and the Turkish Cypriots. There arose nationalist violence in the fifties. Cyprus was finally granted independence in 1960.

History of Gambling in Cyprus

Today Cyprus has several tourist destinations. Most resort towns here include bingo halls, keno parlors, and betting shops. They remain busy during the tourist season every year. Cyprus has a long gambling history, even sports betting. Other games of chance are popular here as well.

Statistics show that 75% of Cypriots engage in gambling, especially those above 18 years of age. In recent times this island has developed a reputation that is reliable when it comes to online and sports betting.

Timelines of gaming history on this island are as follows:

  • Early beginnings. This was around 1960 when the country gained independence. After that, the state set up its national lottery which still continues.
  • Casinos in the north were around 1975. Around this time northern Cyprus allowed casinos to develop. This was mainly due to Turkish influence. Greek Cypriots in the south of Cyprus could travel up North to gamble.
  • Online gambling started around the new millennium. There was a boom in gambling, and sports betting online. However, regulations were poor at this time.
  • The betting law was passed in 2012. This law included all regulations to control the gambling sector. They were mainly divided into Class A and Class B licenses. Class A included laws for offline gaming while Class B was for the online sector. It also led to the creation of the National Betting Authority. This organization was responsible to regulate the sectors, give licenses and monitor the licensees.
  • Sports betting since 2016 sports betting licenses under class B were allowed as well. Updates to betting law were issued in 2019.

Since the betting law came into force, the gaming and gambling sectors have been regularized. Cyprus has now become a destination where many betting firms set up their operations. The betting firms in Cyprus can offer their services to customers in the country as well as abroad.

Gambling Laws

Gambling laws were introduced in Cyprus around 2004. This was the time when the country joined the EU. At such a time gambling service providers were gaining licenses to operate in several countries in the EU. The member states were providing licenses to these providers. Initially, some flaws and ambiguities existed in Cyprus.

For instance, initially, online gambling companies could operate in Cyprus with a registered office. This was as per the free movement of different services. However, there were no specific laws to regulate online gambling. As a result of this, certain ambiguities prevailed. Though many online gambling operations were carried on, there were no specific regulations to safeguard the interests of players.

Betting Law was introduced in Cyprus in the year 2012. It was then amended in the year 2019. This especially included regulations regarding betting activities. The law is under the jurisdiction of the Ministry of Finance. This also deals with amendments to the law, directives, and regulations.

The law clarifies the legislative framework for gambling activities. It helps fill in voids in Cyprus legislation. The state can operate gambling venues to a limited extent. Private entities, on the other hand, can gain permits for the same, as per legal provisions given.

Many betting activities are limited in Cyprus. This applies to online platforms as well as land-based premises. For instance, horse race betting, dog racing, Bitcoin gambling, spread betting, and certain game machines. The NBA or National betting authority has supervisory power over gambling activities in Cyprus. Their responsibilities are the following:

  • Examine applications
  • License
  • Audit
  • Supervise betting shops, online operators
  • Examine complaints
  • Suspend licenses in case of non-compliance

Gambling Licenses in Cyprus

There are two types of licenses that they issue:

  • ● License Category Class A

This regulates land betting. It applies mainly to physical premises. It does not include online services or horse racing.

  • ● License Category Class B

This regulates online betting such as online casinos, lotteries, and slot machines.

Class A license is mostly about services without use in the virtual world. On the other hand, the class B license is about permitting online gambling. Licenses are issued mostly for a year or two. They are usually renewable, subject to approval from the NBA. Also, an operating license cannot be transferred from one entity to another.

Requirements for Cyprus Gambling License

There are certain requirements that a gambling company needs to conform to in order to get a license. These are the following:

  • It needs to have a company incorporated in Cyprus.
  • A company can have an overseas branch in Cyprus where its main activity is betting.
  • The share capital of the company should be EUR 500,000 or more.
  • The application should accompany a bank guarantee.
  • A Bank guarantee should be from a bank in Cyprus or one operating in an EU state.
  • A Bank guarantee should be at least EUR 550,000 and valid for six months at least.

Besides the above requirements, NBA requires an applicant to demonstrate that they have sufficient resources to pay the winnings of players. A licensee should also have adequate controls and accounting systems in place. They also need to comply with all regulations, to protect player interests.

Licensees also need to adhere to anti-money laundering practices in Cyprus. Service providers, who offer gambling services, need to check client identification details. There are due diligence obligations that licensed companies should comply with. The law extends the same to class B licensees. Companies need to acquire the following information from players:

  • Get age confirmation that players are above 18 years of age.
  • Get the authentic ID of payers.
  • Verification documents for player addresses.
  • Validate email addresses.
  • Get declaration from players that they know about the terms and conditions of gambling activities.

More Information about Requirements

If the above information is not obtained from a player, a licensee can refuse to register an applicant’s account. If a player has formed an account but cannot provide such validation, their account may be canceled. Also, Class B licensees need to verify such details of their applicants within 30 days after registration. If all details are not obtained they can then cancel such registrations. Also, licensees have required all such information of their registered players, in electronic form. These are checked in regular audits by the licensing authority.

Companies outside Cyprus

If a company has a license to operate gambling activities in other states in the EU, they can provide the same in Cyprus as well. However, for that, they need to apply for a license from Cyprus gambling authorities. They need to apply for a license as soon as openings for such licenses open up in this department.

Also, there is no reference as to whether a licensed entity in Cyprus can offer its services outside the region. Hence, a licensee can offer their services to other countries as well, based on regulations they have. However, any company that offers betting services in Cyprus needs to hold an operating license in the region.

Lately, casinos have come under discussion. There has been a law published in 2015 regarding the operation and control of casinos. In this case, any licensed administrator can operate four such facilities. Satellite casinos should be located in the region and operate in liaison with a physical casino resort.

Such satellite casinos can offer their services to other countries as well. However, they should fulfill the regulations of those countries as well. Also, no person can provide casino games or gambling facilities without holding a valid license under the National Gaming and Casino Supervision authority of Cyprus.

Hence, if a company is incorporated in Cyprus then it can offer gambling services within the region or in foreign locations as well. However, no foreign gambling company can offer its services in Cyprus without taking on a valid license from the Cyprus gambling authority.

Banking Options

There are several reasons why Cyprus licensing is popular among startup businesses. Whether it is gaming or any other sector, the regulatory environment is supportive. There are several established and start-up firms here in gambling and sports betting. The taxes are low and EU membership is some of the reasons that many firms choose to base themselves here.

Mainstream banks have their traditional methods for financing. However, modern financing institutions are coming up to offer innovative banking features to SMEs. Hence, online gaming businesses will find easy ways to get their businesses funded. Even the Cyprus licensing authorities offer liaisons with banking and financial services.

Online gambling firms that apply for Class B licenses need to have capital of at least 500,000 EUR. They need to pay the annual payment of 30,000 EUR for a single-year license or 45000 EUR for a period of two years.

Current Status of Cyprus Betting Industry

The last two years have seen a fall in sports betting activities and gambling businesses in Cyprus. This was the trend across the world. Many betting shops had to close during the pandemic situation. There was also a dearth of sports events for which sports betting was also at an all-time low.

However, though brick-and-mortar shops closed and real sports events were few, online betting and games continued. As a result, revenue for the country rose nearly 5% in this period.

Currently, there are several companies that are licensed in Cyprus. Many of them offer sports betting primarily. These include brands such as Parimatch, Winmasters, and Bet365 among others. The NBA remains active in keeping tabs on all licensed sites. They ensure that all sites licensed by them meet the necessary standards in place.

There are several companies that are set up in other parts of the world but also take on Cyprus licenses. Revenue that is collected from gambling firm licenses is being put to constructive use. In 2020 the government decided to funnel the revenues into supporting sports training and development activities.

Online Betting Companies Licensed Under Cyprus

Here you can find many online casinos that have acquired Cyprus gambling licenses. Feel free to scroll down and check out our list of online certified Cyprus licensed casinos.

● Bet365

This company is well known in the world of sports betting. This site offers over 3000 games to gamble on. There are live games and progressive jackpot slots as well. Interestingly, this international site holds several operating licenses. Not only does it hold a license under Cyprus but also under the Netherlands, Estonia, Ontario, Greek Gaming Commission, and others. It is also licensed in the UK and Gibraltar. The site has several payment methods and accepts around 19 currencies.

Players can enjoy gambling as an instant play on desktop as well as through its mobile app. The brand was initially started in 2001. It is one of the most recognized and reputed brands in sports betting. The owner of the brand is Hillside Gibraltar Limited.

Bet365 has a separate sports betting and casino presence. The casino includes a dedicated collection of video slots of a large number. There is also a live section. Here players can indulge in baccarat, blackjack, roulette, poker, and others. Players can also enjoy table games without live dealers. There is a progressive jackpot slots section as well.

The site also offers different kinds of promotions. For new players, there is a 100% match-up bonus. New members can get as much as $100 as bonus money when they make their first few deposits.

● Betmaster

This casino has an easy layout for gamblers to maneuver. One can get started with a few clicks on a registered account. After that, it is easy to make deposits and start playing. The site has a sports book section as well. Here sports gamblers have several options. These include tennis, football, basketball, and many others. The venue ensures high security for players and secure financial transactions.

There are slots and live casino sections as well. Before you sign up you will find a match-up bonus as well as free spins as a promotion. Those who wish to sign up for the sports betting section will also get a match-up bonus as well as free bet money. The site also accepts cryptocurrencies. There are separate promotions for cryptocurrency users. Regular members can also avail of the cashback and reload bonuses.

● iLucki

This casino also has a Cyprus gambling license. It has several innovative features, including multi-lingual support. Players can choose the language of their choice when playing here. All casino games are RNG certified and tested for fairness. It is possible to gamble one’s money on over 4000 titles here. Payment methods are also diverse. Certification ensures secure and encrypted transactions on this site.

The welcome offer includes a generous multi-tier match-up bonus. This is coupled with free spins as well. Regular members can enjoy weekday and weekend offers that are diverse. These include cashback on Monday; reload offer on Tuesday, free spins on Wednesday as well as a match-up bonus and free spins on weekends.

● Casinoin

This is yet another casino popular among European players. It is a licensed, certified platform that supports several European languages. These include Arabic, Greek, English, Turkish, Romanian, and German. The site has several licenses including that of Curacao. It is a safe gambling destination for Cyprus gamblers.

This site has several promotions on offer. These include weekly cashback and reload bonuses for members. Those who are new can sign up with a sign-up bonus that has a generous match-up percentage. Cryptocurrency users can also enjoy special offers here such as a Dogecoin tournament.

● Casoo

This is a casino brand that is well known in many European countries. Cyprus players can gamble in legitimate ways here. There are several generous bonuses that this casino offers. Also, it has a large collection of slot games for players. With a large fan base and several licenses, the site offers several conveniences. For instance, common and popular payment methods for European countries are available here. All this makes it convenient for Cyprus players to log in and gamble on this site.

This casino offers a generous welcome package of up to 2000 EUR. This also comes with 200 free spins. This casino has a blue galaxy theme. There are reload bonuses, mystery offers, and a comp point system for regular members. Slots and table games are from different software providers here. These include well-known brands such as Blueprint Gaming, No Limit City, iSoftBet, EGT, Play’n Go, QuickSpin, Playson, Red Tiger, Relax Gaming, and others.

● Frank

This is another casino that offers safe gambling to Cyprus players. It is also a well-known and long-standing international casino. Gamblers can find over 2000 titles here. There are table games and slots of varied software providers.

These include Pragmatic Play, QuickSpin, Evolution Gaming, and many others. The site also offers payment in different currencies. For instance, one can make payments in currencies such as RUB, EUR, TRY, and others. Every transaction here is protected by SSL encryption.

The site also has a sports betting section. Gamblers can start with a free bet offer here. Promotions here include free spins on different slot releases. There are tournaments to participate in every week.

Also, the welcome offer here includes match-up bonus money up to 500 EUR. This also includes free spins on select slot games. The site also has a loyalty program. This includes comp points for all money wagers. Besides that, players can benefit from cash back, cash drop, and other offers.

● Vulkan Vegas

This is one of the newer casinos, licensed under Cyrus and Curacao Gaming authorities. This site is run by Brivio Limited. One of the things that make this casino unique is the extensive collection of games. one will find thousands of titles here. All games are run on HTML5 technology here. As a result, it is easy for players to register an account and start playing.

There is no need for additional software download. The overall design of the website is player-friendly and modern. There is a vast collection of slots here. Also, players will find an engaging live dealer section and video poker games.

A generous welcome bonus is what sets this casino apart from others. They offer as much as $1000 for the new players as a match-up bonus. Of course, new players can claim this amount in a few subsequent deposits. Besides the welcome offer, there are weekly bonuses and other promos to look forward to. These include free spins and cashback offers.

The site offers several banking options as well. Also, multilingual support is another bonus feature here. Players can gain long-standing rewards through the loyalty program here. With money wagers, members can win comp points here. These later translate into money and higher tiers of the loyalty program.

The list of Cyprus-licensed casinos is set to grow now. With the pandemic days over, the island country is all set to woo new casino companies and brands to set up their presence here.

Conclusion

Cyprus is a small island country that has a rich history. It is also a popular tourist destination by the Mediterranean sea. As a result, the gambling laws are set to help regulate a growing industry here. With revised norms and a supportive environment, the country has a list of growing casinos that help add to revenue, create jobs and provide entertainment to Cypriots.

Cyprus Licensed Online Casinos FAQ

Yes, this has been legal since the Betting Law was passed in 2012.

Yes, gambling firms can incorporate their company here to gain a license.

No, there are two different classes of licenses that apply to these segments of gambling activities.