Regulation of Online Betting

Cyprus has recently concluded a review of its gambling laws and the Cyprus Ministry of Finance has submitted a draft bill to the European Commission for clearance, regulating all forms of online betting and gambling other than horse racing, for which a separate bill is to be prepared.

The bill creates a National Betting Authority to oversee the gambling industry, which will be responsible for reviewing all applications, issuing licences and building permits and cooperating with international organisations in the industry.

The key provisions regarding online betting are as follows:

• Providers of gambling services must be registered with the National Betting Authority. Applicants must be a company limited by shares incorporated in Cyprus or abroad with the sole object of conducting collective gambling and with an issued and paid-up capital of at least €500,000.