In this article we will consider the procedure of obtaining of Cyprus Gambling License
Types of Cyprus Gambling License:
- Class A – regulates betting on sports games. Such licenses are issued to bookmakers. The license allows you to accept all bets (except horse races). Do not work in the virtual world.
- Class B – regulates bookmakers’ activities online. It works in virtual reality. Does not apply to slot machines, lotteries, online casinos.
Requirements for obtaining a Class A or Class B license:
- Mandatory share ownership in Cyprus by the applicant.
- Registration of the company in Cyprus. The main activity of the company – game rates.
- In case the company is not registered in Cyprus, it is necessary to open a branch or conclude a partnership with the Cyprus company. Such a company must have a share capital of at least EUR 500,000. A six-month deposit guarantee at the Bank of Cyprus or any other EU Member State upon receipt of the license.
- A high level of solvency for players’ payments.
- The organization must operate a system of accounting rates.
- Ensure that players are protected in accordance with the Law on Betting 2012.
The Cyprus Gambling License is valid for one / two years. In some cases, the period may be extended.
The tax on the combined rate is calculated in the amount of 13%: net profit – 10%, 3% – other taxes. 2% of the indicated 3% and 1% are allocated for the development of sports federations – for the improvement of gambling programs (Article 71 of the Law on Betting 2012).
We draw your attention to the fact that this article is for informational purposes only. For more advice, contact us at the contacts listed on the site.