Obtaining a Gaming License in Cyprus in 2024
Cyprus is located at the crossroads of Europe, Asia, and Africa, making it a prime hub for businesses targeting multiple markets. Its European membership provides access to a large market and ensures compliance with European standards.
Cyprus is increasingly recognized as an attractive destination for gaming and betting operations, thanks to its well-developed regulatory environment. While the Cyprus Gaming and Casino Supervision Commission (CGC) regulates land-based casinos and gaming machines, the National Betting Authority (NBA) is the primary body responsible for overseeing betting activities, including online platforms and sports betting. The NBA’s comprehensive regulatory framework ensures that betting operations adhere to high standards of integrity, fairness, and consumer protection.
In this article, the SALVUS Gaming Services Licensing team will guide you through the essential requirements for securing a gaming license in Cyprus, offering the insights necessary to successfully enter this vibrant market, covering:
1. Why obtain a Gaming License in Cyprus?
2. Gaming License Types & Features
3. Application Requirements
4. How can SALVUS support your NBA application?
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1. Why obtain a Gaming License in Cyprus?
Cyprus, a prominent EU Member State, positioned itself as a reputable and highly favorable environment for gaming and betting operations. This success is partly due to the island’s strategic membership in key global organizations. As a member of the European Union, the Eurozone, the Council of Europe, the United Nations, the World Bank, the World Trade Organization, the International Monetary Fund, and the British Commonwealth, Cyprus provides gaming companies with significant advantages. These include access to the European market, a stable financial environment, and a strong legal framework. Securing a gaming license in Cyprus provides numerous opportunities for businesses aiming to establish a presence in a dynamic and growing market.
Despite its small size, Cyprus enjoys a stable and progressive economy. The country offers a beneficial tax regime, with a corporate tax rate of 12.5% and various tax relief measures, making it a tax-efficient hub for iGaming businesses. Cyprus’s robust infrastructure, along with a cost-efficient plan of administrative, operating, and living expenses, enhances its appeal as a base for gaming operations.
In addition to its tax incentives, Cyprus is home to a skilled, multilingual workforce, especially in the gaming sector. The government actively supports the development of the gaming industry, offering incentives and a conducive legal environment for operators.
Last but not least, the regulatory framework established by the CGC and the NBA, is designed to promote innovation while ensuring compliance with international standards.
2. Gaming License Types & Features
According to Betting Law of 2012, the two main types of licenses tailored to different betting activities are as follows:
- Class A Bookmaker’s License – for land-based betting services, including sports betting, poker, and other gaming activities, except horse races.
- Class B Bookmaker’s License – for online gambling, exchange betting and other non-traditional betting services, including virtual reality. It is not applicable for slot machines, lotteries and online casinos.
The features of each Gaming category, indicating their differences and features are provided in the table below:
| Features | Class A | Class B |
|---|---|---|
| Key Differences | Land-based activities | Online activities |
| Minimum Regulatory Capital Required | 500,000 EUR | 500,000 EUR |
| Application Timeframe | 2-3 months | 2-3 months |
| Issuance Fee | - Valid for one year: 30,000 EUR - Valid for two years: 45,000 EUR | - Valid for one year: 30,000 EUR - Valid for two years: 45,000 EUR |
Contact us at info@salvusfunds.com if you are interested in obtaining a Gaming License in Cyprus under the NBA.
3. Application Requirements
In order for the issuance or renewal of a Class A or B license to be successful, certain criteria need to be met, including:
- the applicant must hold a required percentage of shares in a Cypriot entity,
- the company must be officially incorporated in Cyprus,
- the primary business of the company should involve betting activities,
- if the company is not based in Cyprus, it must establish a branch or enter into a partnership with a Cypriot firm,
- upon receiving the license, a deposit guarantee of 550,000 EUR must be secured at a commercial bank offering banking services in Cyprus or any other bank within the EU,
- the company must maintain strong financial stability to ensure timely payments to players.
- the company is required to implement a comprehensive system for managing and recording betting transactions.
- the company must safeguard players’ interests in compliance with the Betting Law of 2012.
It is worth mentioning that the license is valid for one or two years, however, an extension can be applicable in certain cases.
To this end, the Authority may refuse to issue a license in the cases where the applicant is a natural person under 25 years old and has been convicted of a relevant offense. If the application is denied, 75% of the fees will be refunded, offering more favorable conditions compared to other European regions.
4. How can SALVUS support your NBA application?
The SALVUS Gaming Services Licensing team is composed of industry-leading professionals able to support you in every step of your Cyprus gaming license application with the NBA.
Our team employs a sophisticated project management approach, beginning from designing an effective portfolio of gaming services that suit your business plan and objectives. We work closely with our clients and their teams, to ensure the preparation of a complete and well-supported application package, leading your interaction with the regulator.
Finally, we ensure that your application to the NBA is detailed and well-prepared, fulfilling all regulatory requirements for the successful launch of operations. Leveraging on our profound understanding of NBA’s and CGC’s financial regulations and substantial experience in the field we constitute a prominent choice for companies seeking to achieve regulatory compliance.
Contact us at info@salvusfunds.com if you are interested in obtaining a Gaming License in Cyprus or any other jurisdiction.
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The information provided in this article is for general information purposes only. You should always seek professional advice suitable to your needs.