The HADJIVANGELI & PARTNERS LLC team presents to your attention our new service – 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).
How much does Cyprus Gambling License cost?
The following fees are provided for the licensee:
- 30,000 euros in one year;
- 45,000 euros in two years.
Money Laundering Legislation:
• The following payment methods are relevant for class B: debit / credit card and / or other types of electronic payments.
• Electronic rates for Class B licensees are not allowed.
• Class B licensees cannot accept bets. The only exception is when the player’s account does not have enough funds to cover the bet amount.
• A Class B license must be attached with a bank account at an authorized banking institution in Cyprus.
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.