Although land-based casinos have started operating in Cyprus, online casinos and online slot machines remain prohibited under the 2019.
- CasinoChan is that special online casino that you were looking for. With real money betting, you are guaranteed to get the most out of your experience every time. Choose from over 2,000 online slots, live casino games, Blackjack, Roulette or Bitcoin slots. Our real money casino offers a huge variety of deposit and withdrawal methods.
- James Kon Seventeen foreigners and permanent residents were detained for suspected involvement in illegal gambling at a house in Tungku, Kampong Mata-Mata Gadong on January 6, said the Royal Brunei Police Force (RBPF). The individuals, aged 17 to 56, were arrested in an 11pm raid by a team from the RBPF's Anti-Vice and Gambling Suppression.
WHAT YOU SHOULD KNOW BEFORE PLAYING ONLINE CASINOS ON CYPRUS
Cyprus is a popular tourist destination, and the island enjoys close attention from tourists and residents from all over the world. However, partially due to its position, and partially contrary to it, Cyprus sees certain limitations when it comes to gambling legislation.
On the one hand, thousands of tourists seeking entertainment look for land based casinos to make a bet or two for real money on their favourite casino game, and they do find ways to do that. On the other hand, those who want to enjoy online casino Cyprus may face lots of difficulties finding one.
Cyprus, in contrast to many other countries that have a very loose approach to their punting regulations, has clear and comprehensive laws and regulations in place. However, it seems that these regulations are not particularly favourable and advantageous for passionate gamblers. This is why, before you go and make real money bets at any Internet casino Cyprus, make sure you know what rules apply!
Only Offline Gambling is Legal
Both tourists and locals enjoy visiting offline punting houses for their festive atmosphere and betting fun. However, all types of online punting are banned in Cyprus, except sports betting. Local operators cannot run Internet casino sites for local residents.
The good news is that offline punting is legal in Cyp. The sad news is that, only offline punting is legal, and even more, some regions of the island still do not have any punting facilities. There are many brick and mortar gaming houses in Cyp, especially on the Turkish part of the island. These facilities are open to both local residents, non-residents, and tourists alike. There are no practical limitations (except of course age!) that can be applied to any passionate casino gambler who wants to make a few real money bets at a land based facility.
There are even some sports betting and animal racing betting bookmakers and facilities in Cyp, if you know where to go. All these venues require local license by the government, and in fact most of these venues do hold the licenses. There is also a Cyprus Government Lottery that sells tickets to anyone.
Online Gambling is Technically Illegal
The good news is that online sports betting is allowed in Cyprus. Sports betting platforms require Class B license by the government, and they are able to operate and offer their services to both locals and tourists alike. The sad news is that, technically, only sports betting online is legal, and all other forms of real money punting in the web are illegal. Local operators are not allowed to run Internet casino platforms that provide services in the country, and there is even no license for such activity.
But there is another good news! While technically, online punting is illegal, Cyp is not known for prosecuting its residents or guests for access to foreign Internet casino sites run from abroad. Punishment of gamblers is a super rare case for Cyprus, and only in case gamblers seem to make punting their main source of income on a regular basis.
As a result, all fans of online punting in Cyprus make bets at foreign websites, and there are many offshore web casinos that are happy to accept punters from Cyp as real money customers.
What About Social Gambling?
There is also such a phenomenon as 'social gambling' that suggests very small, or purely tokenistic bets, made just for the sake of playing a game. Social gambling is usually not viewed as illegal, and many countries do not regulate it at all, or make very light regulations. However, according to laws in Cyprus, any social gambling suggests a game of chance to be played, and bets suggest any money, or property, or object which has economic value. So, regardless of whether the bets yield any financial gain to the player, such social games are still regarded as punting activity, and therefore must be licensed.
Final Thoughts
It will be fair to notice that, compared to many other countries, Cyprus has very mild laws in the niche of punting. Even online punting which is technically deemed illegal does not result in severe consequences. It is unlikely that Cyprus will change its legislation anytime soon, so the players are generally free to play wherever they desire.
If you enjoy PWInsider.com you can check out the AD-FREE PWInsider Elite section,which features exclusive audio updates, news, our critically acclaimed podcasts, interviews and more by clicking here!
Cyprus Gambling License
In order to obtain a Cyprus Gambling License, one will have to follow their strict guidelines precisely. The decision of approval lies with the National Betting authority and with this license online gambling companies can operate legally. Cyprus offers and encourages infrastructures for gaming. Licenses offered allow for operation within online sports betting, poker rooms, lotteries, casino and bingo sites. However, gambling at online casino's is illegal. The only form of online gambling allowed legally is sports betting. This excludes betting on horse races. Nevertheless, a Cyprus gambling license is a one way ticket to a lucrative gaming industry within the island.
Corporate tax: 12,5%
Gambling tax: TBA%
Who manages E-Gambling in Cyprus?
National Betting Authority
Overview:
Class B encompasses all electronic gambling. Applications for such a license that the applicant not be convicted by a court and for an individual must be 25 years and older. For corporates, a bookmaker license must be incorporated with premises in Cyprus. The provider must also prove that they have enough funds to pay out the players. Class B services are dealt with Section VI of the law, providers of online gambling services must adhere to the following:
– The registered name of the company,
– Registered address,
The official number and date of the licence and a statement that the use of the services by any minor is illegal under the Betting Law. All betting transactions must be handled with debit cards, credit cards or electronic funds transfer, cash handling is prohibited.
Minimum Share Capital for an iGaming Company:
€ 500 000.00
Although land-based casinos have started operating in Cyprus, online casinos and online slot machines remain prohibited under the 2019.
- CasinoChan is that special online casino that you were looking for. With real money betting, you are guaranteed to get the most out of your experience every time. Choose from over 2,000 online slots, live casino games, Blackjack, Roulette or Bitcoin slots. Our real money casino offers a huge variety of deposit and withdrawal methods.
- James Kon Seventeen foreigners and permanent residents were detained for suspected involvement in illegal gambling at a house in Tungku, Kampong Mata-Mata Gadong on January 6, said the Royal Brunei Police Force (RBPF). The individuals, aged 17 to 56, were arrested in an 11pm raid by a team from the RBPF's Anti-Vice and Gambling Suppression.
WHAT YOU SHOULD KNOW BEFORE PLAYING ONLINE CASINOS ON CYPRUS
Cyprus is a popular tourist destination, and the island enjoys close attention from tourists and residents from all over the world. However, partially due to its position, and partially contrary to it, Cyprus sees certain limitations when it comes to gambling legislation.
On the one hand, thousands of tourists seeking entertainment look for land based casinos to make a bet or two for real money on their favourite casino game, and they do find ways to do that. On the other hand, those who want to enjoy online casino Cyprus may face lots of difficulties finding one.
Cyprus, in contrast to many other countries that have a very loose approach to their punting regulations, has clear and comprehensive laws and regulations in place. However, it seems that these regulations are not particularly favourable and advantageous for passionate gamblers. This is why, before you go and make real money bets at any Internet casino Cyprus, make sure you know what rules apply!
Only Offline Gambling is Legal
Both tourists and locals enjoy visiting offline punting houses for their festive atmosphere and betting fun. However, all types of online punting are banned in Cyprus, except sports betting. Local operators cannot run Internet casino sites for local residents.
The good news is that offline punting is legal in Cyp. The sad news is that, only offline punting is legal, and even more, some regions of the island still do not have any punting facilities. There are many brick and mortar gaming houses in Cyp, especially on the Turkish part of the island. These facilities are open to both local residents, non-residents, and tourists alike. There are no practical limitations (except of course age!) that can be applied to any passionate casino gambler who wants to make a few real money bets at a land based facility.
There are even some sports betting and animal racing betting bookmakers and facilities in Cyp, if you know where to go. All these venues require local license by the government, and in fact most of these venues do hold the licenses. There is also a Cyprus Government Lottery that sells tickets to anyone.
Online Gambling is Technically Illegal
The good news is that online sports betting is allowed in Cyprus. Sports betting platforms require Class B license by the government, and they are able to operate and offer their services to both locals and tourists alike. The sad news is that, technically, only sports betting online is legal, and all other forms of real money punting in the web are illegal. Local operators are not allowed to run Internet casino platforms that provide services in the country, and there is even no license for such activity.
But there is another good news! While technically, online punting is illegal, Cyp is not known for prosecuting its residents or guests for access to foreign Internet casino sites run from abroad. Punishment of gamblers is a super rare case for Cyprus, and only in case gamblers seem to make punting their main source of income on a regular basis.
As a result, all fans of online punting in Cyprus make bets at foreign websites, and there are many offshore web casinos that are happy to accept punters from Cyp as real money customers.
What About Social Gambling?
There is also such a phenomenon as 'social gambling' that suggests very small, or purely tokenistic bets, made just for the sake of playing a game. Social gambling is usually not viewed as illegal, and many countries do not regulate it at all, or make very light regulations. However, according to laws in Cyprus, any social gambling suggests a game of chance to be played, and bets suggest any money, or property, or object which has economic value. So, regardless of whether the bets yield any financial gain to the player, such social games are still regarded as punting activity, and therefore must be licensed.
Final Thoughts
It will be fair to notice that, compared to many other countries, Cyprus has very mild laws in the niche of punting. Even online punting which is technically deemed illegal does not result in severe consequences. It is unlikely that Cyprus will change its legislation anytime soon, so the players are generally free to play wherever they desire.
If you enjoy PWInsider.com you can check out the AD-FREE PWInsider Elite section,which features exclusive audio updates, news, our critically acclaimed podcasts, interviews and more by clicking here!
Cyprus Gambling License
In order to obtain a Cyprus Gambling License, one will have to follow their strict guidelines precisely. The decision of approval lies with the National Betting authority and with this license online gambling companies can operate legally. Cyprus offers and encourages infrastructures for gaming. Licenses offered allow for operation within online sports betting, poker rooms, lotteries, casino and bingo sites. However, gambling at online casino's is illegal. The only form of online gambling allowed legally is sports betting. This excludes betting on horse races. Nevertheless, a Cyprus gambling license is a one way ticket to a lucrative gaming industry within the island.
Corporate tax: 12,5%
Gambling tax: TBA%
Who manages E-Gambling in Cyprus?
National Betting Authority
Overview:
Class B encompasses all electronic gambling. Applications for such a license that the applicant not be convicted by a court and for an individual must be 25 years and older. For corporates, a bookmaker license must be incorporated with premises in Cyprus. The provider must also prove that they have enough funds to pay out the players. Class B services are dealt with Section VI of the law, providers of online gambling services must adhere to the following:
– The registered name of the company,
– Registered address,
The official number and date of the licence and a statement that the use of the services by any minor is illegal under the Betting Law. All betting transactions must be handled with debit cards, credit cards or electronic funds transfer, cash handling is prohibited.
Minimum Share Capital for an iGaming Company:
€ 500 000.00
Licence Fee:
€30 000.00 for one year
€45 000.00 for two years
Licence Length:
1 / 2 years
Anti-Money Laundering Policy:
Latest News Cyprus
All operators must comply with AML legislation in force.
Online Sports Gambling
Country Restrictions:
The player must be 18 years and older and made aware of their actions and the fee they are responsible for. Also the provider must ensure that the player has enough funds to cover their bet. The institution must have a bank account within the Republic of Cyprus of which the player's monies are deposited in for safekeeping; this must be separate from the institutions monies.
Contact Details:
Address:
Cyprus Ministry of Finance
Michael Karaoli and Gregori Afxentiou
Online Gambling Casino Real Money
Nicosia, Lefkosia
Cyprus 1439
Online Gambling Cyprus Gambling
Website:www.mof.gov.cy
Email: registry@mof.gov.cy
General Information: +357 226 027 23
Online casinos licensed in Cyprus
- 24Option
- 7 Bingo
- AnyOption
- ApostenaBolsa
- Backgammon Masters
- Banc De Binary
- Banc de Swiss
- Banc Options
- BestCasino
- BestPoker
- BetCrib
- Binary 360
- Binary Banc
- Binary Markets
- Bingo Anywhere
- Bingo Bingo
- Bingo Boat
- Bingo Bytes
- Bingo Cheers
- Bingo Empire
- Bingo Flame
- BingoFest
- BingoHouse
- BingoSKY
- Bingoville
