Cyprus Gaming License

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• Publié par: janbauer1985
• Publié le: 18 mars 2017
• Nombre de lectures: 3
• Langue: English

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Cyprus Gaming License

Cyprus is one of the island countries in the Mediterranean Sea and it is situated close to Egypt, Greece and turkey. The country is a member of the European union and therefore the currency that is mostly used in Cyprus is Euro. This country became a member of the European union in the recent past. The government of the country has some strict rules and regulations about online casino gaming license.

Even though the Cyprus casino license has some strict guidelines there are many gambling businesses that have been established here. Most of the gambling businesses that prevailed in Cyprus were illegal and there are still some illegal gambling businesses. The government of the country passed the Betting Law in 2012 and this is most commonly known as theCyprus gambling law. Anyone who is having illegal gambling businesses and those businesses who are breaking the Cyprus gambling law were found, prosecuted and fined. The law that was passed in 2012 did not allow online casinos and poker rooms to be conducted in the island. The only legal online gambling form available was sportsbooks.

The National Betting Authority of Cyprus brought forth a Cyprus gaming license for those who wanted to operate any gambling activity and to make online gambling legal following the 2012 betting law. Anyone who wishes to provide services for online gambling should apply and get these license. There were a few guidelines when applying for the Cyprus gaming license and there were two types of gambling businesses that were able to operate in Cyprus. The first type was the land based gambling operating and the other is an electronic based gambling operation. Both of these gambling operations required spate types of licenses. There are two type of license as class A and class B type license. The class A type license are for those gambling businesses that has a land based operation. This type of gambling operation is the more traditional type. The Class B type of license will allow the licensee to an online gambling site or iGaming. However, both gambling operations require the business to be having a physical body within the country. The license applicants are able to partner up with local company in order to fulfill this criterion.

Even though there are two types of license that a business provider can apply for only online gambling was the only form of gambling allowed by the government by the betting law of 2012. However, after much debate with the gambling companies that government authorized the businesses to have a physical gambling operation within the country in 2015. The law

stated that in order to start a gambling business there has to be hotel which is going to be integrated with it. There are many companies that will advise and guide you in order to get a gambling in Cyprus. Prospectacy is one of the best companies that will provide you with legal advice and support necessary to get the Cyprus gaming license.