Over the last 30 years betting has completely revolutionized and more recently the iGaming industry has experienced massive growth worldwide. With online gaming and gambling becoming more accessible to people all around the world, the industry is now worth billions and shows no signs of slowing down.
Keep reading to find out how to get a Cyprus Betting License and all the things you need to consider along the way.
Regulated vs. Unregulated Gambling
As online gambling is a relatively new industry, it comes as no surprise that there are still many unregulated gambling sites. It’s important to point out that there isn’t a global regulatory organization for online gambling, and so regulations vary by country.
Countries who have in some way legalized gambling have regulations put in place in order to protect players, like mandatory age verification software and helplines for people struggling with gambling addictions. With users depositing money to these sites, it’s also important for laws to be in place to safeguard them.
A regulated online casino means that they are complying with the relevant laws of that jurisdiction and are accountable to the government and regulatory body if anything was to occur.
An unregulated casino shouldn’t be confused with an unlicensed casino. To put things simply, an online casino could be licensed by a gambling authority but still work unregulated in another jurisdiction.
The National Betting Authority in Cyprus
The Cyprus National Betting Authority (NBA) was pretty recently formed in just 2012 following The Betting Law of 2012, which was later amended in 2019. The Authority is committed to responsible gambling and complying with relevant national and EU requirements.
Companies that wish to provide betting services in Cyprus, whether electronic or not, need to apply for a license and be authorized by the NBA. Gambling businesses that do not obtain this license are deemed illegal and are prosecuted accordingly.
Types of Betting Applications in Cyprus
There are currently two types of betting licenses that you can apply for in Cyprus; Class A and Class B. A Class A license is for traditional, land-based gambling establishments. The holder of this license is authorized to offer betting services within a facility, except from horse racing bets.
The Class B license is valid for online sports betting, except horse racing bets. As per The Betting Law of 2012, all other forms of online gambling are currently illegal in Cyprus.
In order to obtain either of these licenses, an application needs to be submitted to the NBA along with the corresponding fee. More information on the costs of these licenses can be found on the NBA’s official website here.
Applying for an online Betting License in Cyprus
In order to apply for a Class B Cyprus Betting license a number of forms need to be submitted to the National Betting Authority for consideration.
You can find the application forms here. The duration of the licenses are between 1 and 2 years, with the option to subsequently renew them.
In order to obtain a Class B license, some mandatory information must be readily available to players on your website. Users are also required to register before placing any bets and their information must be kept in a secure electronic format.
As part of the process of obtaining an iGaming license, regulatory bodies like the NBA require a list of technical documents. At NetShop ISP, we offer a Technical Documentation Drafting service, ensuring that the regulators requirements and ISO standards are met.
Betting Servers in Cyprus with NetShop ISP
All of our Data Centers (Cyprus, Malta, and United Kingdom) comply with the local iGaming regulations and the Industry Standards. If you would like more information on server hosting solutions, gaming servers and more, please get in touch with our customer services team.