Cyprus is a country that not only attracts a huge number of tourists but is also a major business center for the gambling industry. The gambling industry brings profit to the state treasury above $600 million a year. In the north of Cyprus, there are some of the most prestigious land-based casinos that operate on the territory of hotels. All gambling activities are controlled by the Cyprus Gaming Commission.
Types of Cyprus Gambling License
The Cyprus Gambling Commission has developed two types of gambling licenses. Both types of licenses are for betting:
Class A license
This license allows bookmakers to offer players to bet on sports games except for horse racing. A license of this class is issued to bookmakers agencies.
Class B license
This type of license is intended for online betting. The Cyprus online betting license is also allowed to accept bets on sports games, except horse racing.
Requirements for obtaining a Cyprus gambling license
To obtain a gambling license in Cyprus, you need to comply with the following requirements:
- Registration of a company in Cyprus.
- Impeccable reputation of the applicant.
- Opening a bank account.
- Creating a business plan.
- Providing information about the financial position of the licensee.
- Confirmation of bank guarantees.
- Making a payment of the license fee.
- Prohibition of access to gambling to people under 18 years of age.
Cyprus Gambling License Cost
In order to obtain a gambling license in Cyprus for a period of 1 year, the operator must pay a license fee of €30,000. If the operator wants to get a gambling license for two years, in this case, he must pay €45,000.
Cyprus gambling tax
Entrepreneurs must pay 10% gambling tax and 3% net income tax.