The Gambling Law, Law 106(I)/2012, which was enacted in Cyprus on 11 July 2012, provides clarity on the nature of legal gambling activities in Cyprus as well as requirements for operators who are looking to gain a license to provide gambling services to customers in Cyprus.
The abovementioned legislation legalizes the provision of certain specified gambling services and criminalizes all games of chance. The Gambling Law establishes a national Gambling Board and set out its powers and responsibilities. Also, it sets out the two classes of authorized gambling services as outlined below:
- The first class covers the provision of gambling services within licensed premises and
- The second class includes all forms of electronic gambling apart from limited benefit game machines, lucky online casino games and horserace electronic betting.
Moreover, gambling services may be provided only by licensed persons or their authorized representatives. Applications must be submitted to the Board and are subject to Board approval. Two important preconditions for approval are that the applicant has not been convicted by a court for a relevant crime and, in the case of individuals, is at least 25 years old. The most important requirement established by the Board is that the applicant needs to demonstrate the possession of sufficient resources to secure the payment of players' winnings. Additionally individuals must have in place adequate systems of accounting and internal controls and shall need to fully comply with regulations for the protection of players promulgated by the Board.
Providers must also maintain a bank account in a bank or institution established in Cyprus into which all amounts received from players are deposited for safekeeping. Note that players' funds must be completely separated from the provider's funds and as such clients’ money need to be deposited in special bank accounts carrying the name “Clients’ account”.
Important to note that licenses are issued for one year or two years, and may be renewed on application subject to the approval of the Board.
We at ConnectedSky, can appreciate the difficulties arising from complying with all these regualations as well as as the risk associated with failing to do so. As experienced professionals we are in a position to offer to our clients the following services subject to their needs:
- Obtainment of license in Cyprus.
- Management of accounting and financial issues.
- Administration of business.
- Planning of business.
For more in-depth information on our Online Gaming experience please email us directly on email@example.com.