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cyprus to regulate online gambling

The Republic of Cyprus is proceeding with plans to expand access to a regulated online sports betting market. The president of the Cyprus National Betting Authority (NBA), announced recently that the NBA would begin accepting online betting applications on October 3, 2016 for a period of one month. The gambling sites that did not submit an application within that one-month window will see their domains added to the country’s online blacklist. Back in 2012 Cyprus passed an online gambling bill, approving online sports betting while simultaneously imposing a ban on online casino games and exchange betting. The new measure to regulate online betting won’t expand the list of legally approved online options; however, it will increase the number of companies approved to offer online betting.

The Minister of Finance of Cyprus explained that opening up the online betting market was part of the government’s strategy to bolster tax revenue via gambling expansion. This strategy includes the ongoing process to award one brick-and-mortar casino licence, the licensing of video lottery terminals at sub-venues run by the casino operator, and privatising the operation of the state lottery.

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