Cyprus expands a number of sports betting licensees
Leading European online operators continue obtaining the Cypriot sports betting licenses since six months ago the Cypriot regulator adopted new legislation on the online gambling legalization.
The National Betting Authority (NBA) issued licenses to two bookmakers: Paddy Power Betfair (Betfair) and Meridian Gaming (CY) Ltd (Meridianbet.com.cy).
According to the new legislation, online sports betting operators will pay an income tax of 13%, whereof 10% is a direct tax, 2% is aimed to the development of Cypriot sports organizations, and 1% - to the funds of responsible gambling initiatives.
License-holders will be required to pay an annual fee of €30,000, and for a two-year license - €45,000. When considering an application for a license, the operator needs to have the guaranteed fund reserves of not less than €500,000, otherwise the appeal will not be considered.
Note: the new licensees will be added to the list of operators allowed to provide online services to players in Cyprus and previously received the Cypriot license.
Last November, a month after the opening of applications for licensing, the NBA issued eight midterm permits for online activities, including such brands as GVC Holdings - Sportingbet and Tain - WinMasters.
Immediately after the new legislation was adopted, the NBA announced the blocking of 2,500 gambling domains which were not authorized to conduct business in Cyprus. Most of the blocked resources were online casinos and poker rooms, banned on the island since 2012.