Online gambling in Cyprus with casino games like slots, roulette, and blackjack is an increasingly popular activity. The presence of regulatory frameworks is the key to understanding this industry, as it provides casino operators and sports betting bookmakers with the rules they need to operate legally in Cyprus. It gives players the confidence to play gambling games in Cyprus and expect to receive their winnings safely, too.
When it comes to legal online gambling, Cyprus is one of the countries that issue a license to operators, although this mostly applies to sports betting rather than full-scale online casino games. However, the National Betting Authority based here has made a significant impact in terms of creating a trustworthy environment for licensed sports betting and giving online gambling sites an alternative, credible option for obtaining a strong, reliable license within the EU.
Cyprus as a regulated EU market
Online gambling operators and players value sports betting and other permitted forms of gambling under Cyprus regulation for a variety of reasons. A top benefit of the Cyprus gambling market is that it’s a way of gaining access to the valuable EU market, providing a solid start for a reputable online gambling platform looking to earn a good reputation and steady income. When a license is permitted in Cyprus, it gives the operator the benefit of being backed by a clear law to ensure compliance.
The quality of the license used by online gambling businesses is one of the key factors used to assess them. It allows us to understand how strict they need to be in terms of gambling activities and areas such as responsible gambling practices. The National Betting Authority in Cyprus is considered one of the most competent authorities for issuing sports betting licenses under its legal framework.
Cyprus currently licenses only sports betting and a limited range of games under its regulatory framework.
The National Betting Authority issues the following classes of licenses:
Class A bookmaker’s licence (land-based betting)
Class B bookmaker’s licence (online betting)
Legal landscape and regulations
The National Betting Authority (NBA) takes the role of regulating online gambling in Cyprus and making it an attractive destination for online gambling sites. The gambling legislation is governed by the Betting Law of 2012 (Law 106(I)/2012), as amended by Law 37(I)/2019, which protects players engaging in sports betting and similar activities.
They cover land-based and online gambling games in Cyprus. Importantly, online casino games (such as slots, roulette, and poker) are not permitted under this legal framework. Operators who want to offer online casino games must obtain licenses from other jurisdictions.
This law outlines the permitted forms of betting in Cyprus and explains how issues such as winnings and taxation are addressed. The NBA was established in Cyprus in 2012 under the Betting Law of the same year, the law was later amended in 2019.
The NBA’s job is to ensure that gambling activities are carried out fairly and safely. Players need to get paid when they win, and the correct taxes have to be paid to the authorities based on the gambling provider’s income. Both non-residents and Cypriot residents can participate in sports betting on Cyprus’ licensed sites.
The goal and mission listed on the National Betting Authority website confirm that they put a high degree of emphasis on responsible gambling for Cyprus players. Key points, such as the education of society and stakeholders, stand out, as well as the promotion of safer gambling.
Licensing processes and requirements for online gambling operators
The process for sportsbooks to gain a license here in Cyprus includes the registration of a company in the country and at least one director who lives in Cyprus. They also ensure that online gambling operators have an impeccable financial reputation and paid-up share capital before they can obtain a gambling license.
To be permitted, the operator needs to offer only those gambling services covered by the local law in Cyprus, whether they intend to offer those services to Cypriot players or non-residents. While certain gambling games are permitted in Cyprus, operators need to be aware of legislation changes that could affect the games and services they offer. The license granted by the National Betting Authority (NBA) allows operators to offer only permitted forms of betting – such as sports betting – to both local and international customers.
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Payment methods for online gambling
Sports betting sites in Cyprus need to attract players by making it easy to join and add betting funds as well as withdraw winnings. However, it’s the job of online betting regulators to ensure that their relevant laws allow such activities using trustworthy methods.
The legal framework in Cyprus enables players to deposit funds using some of the most common banking methods worldwide. Players can use debit and credit cards (Visa, Mastercard, etc.), bank transfers, and popular e-wallets like Neteller and Skrill.
Taking out winnings in Cyprus
Not all of the payment methods can be used to take out winnings. However, the majority of them can be used to add funds and also withdraw any winnings.
While most of these methods also allow players to withdraw their winnings, it’s always important for players to check the sportsbook’s terms. Sportsbooks often offer bonuses and promotions – such as welcome bonuses – to encourage new sign-ups and deposits.
The importance of compliance with banking and payment regulations
Banking regulations are among the key aspects of online betting in every region, including Cyprus. It is something that needs to be carefully controlled to ensure that gambling activities begin with secure transactions. Customers also need to be sure that they will receive their winnings as cash payments promptly when they make withdrawals after playing games/betting.
For online gambling services, compliance with the betting law is crucial, and banking regulations make up a big part of that. To obtain and maintain gambling licenses, these operators need only to allow the accepted methods. This ties in with their need to ensure that they are aware of any possible money laundering activities and that players are using their own money to gamble.
How players in Cyprus need to comply
Players who use these Cyprus betting services don’t pay tax on their betting winnings, as tax obligations lie with the licensed operators. With anti-money laundering checks in place, online gambling platform users need to ensure that they don’t use funds taken from sources that are considered illegal.
As for the operators, they have to declare their income and pay the appropriate rate of taxation to the authorities in Cyprus.
Genome’s role in online gambling payments
Regulations are not the only thing that iGaming businesses need to worry about. To operate without issues, they also require a reliable financial partner that can offer them modern solutions. Genome carries out an important role as a trusted provider of such financial services. We allow companies to start flexible business accounts with the option of adding virtual and physical cards.
With a professional approach that adapts to the needs of companies with gambling licenses, Genome takes care of the financial side of things.
New accounts can be set up completely online. After that, an easy verification process is needed to make sure that all of the legal requirements are dealt with. If you’re providing iGaming services, Genome’s financial tools might be just what you need, see for yourself:
Genome’s key offerings
Genome makes it easier for iGaming businesses to manage payments, payouts, and day-to-day transactions. One of the standout features is the support for SEPA Instant/Credit Transfers across the Eurozone, allowing operators to pay affiliates, vendors, and customers instantly.
Genome also enables batch transfers of up to 3,000 payments at a time. For businesses looking to fully automate their financial operations, Genome provides a robust API that enables seamless pay-ins and payouts.
Operators can integrate these payment workflows directly into their platforms and even receive real-time notifications for C2B payments.
Genome also offers multi-currency accounts in EUR, USD, GBP, PLN, CHF, JPY, CAD, CZK, HUF, SEK, AUD, and DKK.
Plus, iGaming companies can issue physical and virtual Visa cards – compatible with Apple Pay, Google Pay, and Garmin Pay – to simplify corporate spending on marketing, travel, or other business expenses.
With Genome, operators can control their financial activity via an intuitive web platform, as well as the Genome mobile app. That means you can manage your company’s accounts and transactions anytime, anywhere – including on iOS and Android devices – with all the real-time data you need at your fingertips.
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Genome is a reliable partner for regulated operators in EU iGaming markets
Genome’s position as a reputable e-money institution supervised by the Bank of Lithuania means you can sign up with confidence. Our financial services are ideal for companies that want to handle iGaming activities online and in a transparent way.
This guide for the cost of starting online casinos covers the cost of licensing with some of the leading authorities. Additionally, the operators of online casinos need a strong financial services partner that can handle their needs. With multiple tools offered and the fast transaction speed needed for a high volume of payments, it’s easy to see why Genome is a good choice.
Industry trends and market growth
The online gambling industry is moving at a fast pace, with the scene in Cyprus not getting left behind in any way.
Sportsbooks and gambling activities need to be tailored to meet evolving players’ preferences. This can be in terms of the types of games as well as in other areas, such as the site design and mobile compatibility.
Gamification is one of the leading trends to be aware of, as it encourages players to join tournaments and carry out other tasks to build up points or otherwise earn prizes.
The advancing technology used on Cyprus gambling sites is another element to be aware of. Live streaming and mobile optimization are among the changes that have introduced a new edge to this way of gambling. With a strong regulatory framework backing these businesses, they can continue to safely explore new ways of offering value to their customers.
Projections for market growth and the potential impact of regulatory changes
The gambling activities industry in Cyprus is booming. The sector racked up a record revenue of €1.1 billion in 2023. This high level of growth has encouraged many operators to look into the idea of setting up Cyprus sports betting sites.
When we look at the latest Cyprus gambling regulations, there has been an ongoing debate about what activities can be included under gambling licenses.
It’s clear that online and land-based betting in Cyprus is evolving. Therefore, any companies looking to enter this sector should make sure that they are aware of the latest changes and have a clear view of the proposed changes that could affect them and the games or services they offer.
Summary of gambling licenses in Cyprus
We’ve seen that online gambling licenses in Cyprus have formed part of a large and fast-growing industry. With iGaming activities now massively popular across the planet, the battle is on to see which countries offer the best environment for operators.
By looking at the licensing requirements and accepted payment methods, we’ve seen that Cyprus has taken a responsible approach to looking after players and operators.
The future of online gambling here will depend on possible changes to the regulatory framework. This EU member state has already shown that there is a sizable demand for gambling licenses that meet European Union standards and that give players confidence.
Leverage Genome’s expertise for secure and compliant financial transactions
No matter whether your iGaming business offers casino games or operates a gambling site for Cypriot players, you need to ensure compliance. Using Genome as your financial services provider is one of the best ways to ensure that iGaming payments are smooth and uninterrupted.
Our range of services is designed to perform financial operations quickly and easily while abiding by the latest gambling and financial laws. All you need is your laptop, your phone, and some documents to open a business account with us.
