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Cyprus Prepares New Gambling Regulations Eyeing Foreign Investment

Cyprus Prepares New Gambling Regulations Eyeing Foreign Investment

The Cypriot lawmakers have been working for years to implement new gambling regulations for the nation. The expansion of both land-based and online gambling industry is in the works as a result of this development.

Under the regulatory frameworks that were passed in 2012, the Cypriot government prohibited online casino games and exchange betting but opened the opened the local online gambling market for the licensed sports betting operations.

Despite the frameworks passed in 2012, the Cyprus’ National Betting Authority started accepting license application in October 2016 from the interested sports betting operators. The first license was issued out to the approved operators in November 2016 to the online gambling giant bet365. Bet365 became the first one to enter the local market officially.

The sports betting operators are taxed at 10% on revenue, under the Cypriot gambling laws, which is a reasonable interest rate as compared to the other European regulated markets with tax-rates as high as 35% of revenue. In some nations like Portugal tax on sports betting operators is imposed on the percentage of their turnover.

Although the Republic Of Cyprus offers an operator friendly regulatory framework, the pace at which the National Betting Authority is working towards the issuing of licensing may reflect poorly on the market.