Gaming in Cyprus

Gaming In Cyprus

Different jurisdictions have, since time immemorial, treated gaming in diverse ways. With the advent of internet gaming, increased complexity resulted in the necessity for increased regulation.

Online casinos have become an integral part of social media nowadays. Online gaming in Cyprus provides a comprehensive regulatory and legislative framework of gambling regulation, gambling products, licensing, online gambling, advertising, developments, as well as news. 

Cyprus reacted to this phenomenon in a prudent yet pragmatic manner, by providing a legal framework for gaming operators, whilst maintaining high levels of player protection. This has turned Cyprus into the foremost gaming legal and operational infrastructure that is synonymous with innovation, professionalism, regulation and trust.

An Action Plan for Responsible Gaming in Cyprus

The Cyprus National Betting Authority acknowledges the necessity of having an extensive strategy for the successful operation of the betting sector and minimizing excessive betting. In response to this, the Authority has developed a strategy based on social sensitivity and the promotion of a responsible gaming mentality. 

While the main objective is to maintain a fun and entertaining betting industry, the Authority aims to implement this in a way which would simultaneously discourage and reduce problematic and pathological gambling behaviour, and go on to promote responsible participation in betting activities. 

With the recent implementation of Action Plan 2018 to 2022 on Responsible Gaming, the Authority promulgates the protection of society and vulnerable groups as a priority, without leaving aside its role to ensure smooth betting activity. Sector’s supervision and regulation promotes the improvement of the economy and the sustainable development of betting activity to diminish negative impacts. 

The strategy encompasses actions which were designed to achieve the Authority’s objectives and defines several priority areas. The Responsible Gaming strategy has been built on the following topic areas, which consist of the Authority’s basic objectives:
•    Education of society and stakeholders;
•    Promotion of responsible gaming;
•    Prevention and combating gambling addiction;
•    Protection of young people and vulnerable social groups from gambling addiction. 

Overview of Gaming in Cyprus 

Cyprus has matured into a number one jurisdiction for regulated online betting and gaming worldwide. Cyprus offers exciting opportunities for new market entrants and established operators seeking a well-regulated and tax-friendly environment.

•    Licences for casino-type games, betting, betting exchanges, gaming platforms, online casino, casino-style games and lotteries
•    Competitive licence fees and an attractive corporate tax regime
•    Economic and political stability, membership in EU
•    Serious, credible, industry-specific regulation, ensuring players' trust in an operator licensed in Cyprus and reducing operators' exposure to fraud and money-laundering risks
•    High levels of professional services and reasonable professional fees and other costs

Cyprus: Europe's foremost regulated gaming jurisdiction.

Our Gaming Practice in Cyprus

The gaming experts within Chetcuti Cauchi use their wealth of experience to provide solutions and advice to clients wishing to set-up gaming operations in Cyprus or set-up backup operations within any EU jurisdiction. Understanding the complexity of the industry, the team will work hand-in-hand with other experts within the firm, who will offer advice relating to Corporate and Tax, to ensure any issues which may arise will be duly dealt with. 

The firm’s hands-on experience within the Gaming industry has allowed it to offer high-quality services which cover all aspects of iGaming. Our experts have also used this knowledge to provide their two-cents worth on what the future of such technologies can bring about. In fact, numerous thought-provoking articles have been published, outlining what the future can hold when such developments are embraced, rather than restricted. 



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