Only 1.2 million people live on the island of Cyprus, but it is characterized by a unique market with gambling entertainment. Great attention is paid to betting here, and the developers follow strict rules because all games are regulated by law and the National Gaming and Casino Supervision Commission monitors the work of the institutions. Find out more about the commission at Wikipedia.
Residents and visitors of the island can take part in lotteries and choose the winner in horse races. This type of entertainment is quite popular and is regulated by the Ministry of Finance.
The law on betting came into force in 2019 and such type of activity is subject to the National Betting Authority, NBA.
It should be noted that gambling is not subordinate to a monopoly, and licenses are valid not only for sports betting, but also for others, including cybersports.
This type of entertainment is in high demand on the island. And it allows not only to have fun, but also to increase the income of residents or tourists.
Development of the Betting Market
Stable development of the betting industry began in 2017. At that time, different online establishments started to obtain licenses and attract new users. Let’s analyze in detail the growth of this sector:
|From 2019 to the present||47%|
The Covid-19 pandemic had a big impact. Land-based establishments on the island began to close, and gambling users have been looking for a way out.
In early 2020, the market started to grow rapidly, and the unique aspect was that the demand for Cyprus online casino increased by more than 30%. At the end of the same year, there was a real boom of about 44%.
The steady growth of such an industry led to great revenues, which were about 31 million euros in half a year.
Licenses and Taxes
The National Betting Authority issues “Class B” licenses for all betting companies that operate online while such activities are supervised by the National Betting Authority of Cyprus. This body has been operating for almost 10 years and its responsibilities include:
- examine all license applications and approve them to decent companies;
- supervise the activities;
- monitor complaints from users and take certain measures if necessary.
Six people and a chairman work in this body, who are elected every three years and can go on to a second term. They cooperate with different companies that regulate international sports betting. They block those online gambling establishments that do not have a license and put them on the Blocking List. And every resident of Cyprus or another country can browse through all those blacklisted, so as not to get to them and to protect himself from scammers.
For honest offices, the island offers to buy a license which costs:
- 30 thousand euros for 1 year;
- 45 thousand euros for 2 years.
You can extend it for the same period that was originally specified. And its price corresponds to the license. The applicant who wants to get a license does not have to be based in Cyprus. But the prerequisite is a deposit of 500 thousand euros which is paid in a national bank. The share capital must not be less than this sum.
There are no mandatory fees which must be paid each month.
However, all operators must pay a tax of 13% of their GGR. Formally, it is divided into 10% of the tax and 3% of the administrative fee.
Games for Tourists
Since gambling is in high demand in Cyprus, there are more than 30 establishments of different levels located in one part of the island. And they are primarily intended for tourists, as they are situated on the territory of respectable hotels. In addition to casinos, visitors can take advantage of restaurants, swimming pools, gyms with simulators and other hotel infrastructure. Also, there are often game rooms where people can play table or other games.
Every visitor can appreciate the high service. Famous personalities often perform at the casino, and entertainment shows can be regularly appreciated. The establishments also treat everyone at their own expense.
The choice of games in land-based casinos is quite wide. Various types are available for convenience, such as:
- slot machines;
- card games;
The most popular establishments hold various tournaments to attract new customers. More than 60 important events are organized per year where everyone can take part in a drawing. The winner can receive a prize which sometimes reaches several million dollars.
The Impact of Gambling on the Island’s Economy
Cyprus used to be considered a small and unremarkable island. Nowadays, people from all over the world come to appreciate the beauty of nature and to play in a real casino.
New establishments that offer gambling entertainment regularly appear. Anyone who wants can become one of the members of the club.
Such an industry has a very big impact on the development of the island since the establishments pay out funds to obtain an official work permit. Almost all activities are conducted taking into account taxes. Even the well-known game “Bingo” is covered. In a year, the turnover in this area is more than 100 million euros.
The huge construction of the casino complex has attracted Chinese investors. According to all predictions, once it opens, it will bring about 700 million euros to the island
The gambling activities in land-based casinos bring much more to the island than the online establishments. But they all make investments in the economy and allow the government to improve the island and do everything possible to make the lives of people and tourists comfortable.