The EU member state’s Betting Law of 2017 had been submitted to the EC on 28 June, and contained two amended pieces of legislation aimed at remedying several earlier infringements with the 2012 law identified by the EC, including one related to local ISPs' obligations in relation to blacklisting and website blocking.
Licensed bookmakers will pay a tax of 10% on GGR generated from punters in the country, plus a levy of 1% of the net revenue towards responsible gambling initiatives, and 2% to support sporting organisations in the country.
Cypriot regulator the National Betting Authority (NBA) opened a window for betting operators to apply for licences from 3 October to 3 November last year. Paddy Power Betfair and Bet365 are among the companies that have since received full permits.
GVC’s Sportingbet was among eight entities issued with transitional licences last November.
The new law will also relax the requirement that applicants must have a branch in the Republic in order to obtain a class B bookmaker’s licence.
Online casino and betting exchanges will remain prohibited as per the original 2012 law, with players violating the ban facing potential imprisonment for up to 12 months or a fine of up to €50,000, with bookmakers breaking the rules facing imprisonment for up to two years and fines of up to €100,000.
Source: GMB / iGaming Business
