Many entrepreneurs, who are considering opening an online casino, are thinking of establishing it in Cyprus. What is the popularity of this resort, and what benefits does a businessman receive from the promotion of gambling services in this country? The state of Cyprus, located on the island, is considered to be the business center of Europe. It is here that a large number of open poker clubs and land-based establishments where you can try your luck at gambling are registered. Such popularity and availability of gambling content is due to the loyal conditions of the taxation system.
The government of Cyprus is trying its best to support the development of the gambling industry. But like any other country, where the law on legalization of gambling business was adopted, there is also a certain list of restrictions concerning opening of casinos and promotion of gambling entertainments. You can find out what a virtual casino is before you open one at Online_casino.
The main thing to avoid problems with the law is to study in detail the rules and the main ways of promotion of gambling business, as well as to comply with all the requirements adopted at the legislative level. In this case, there should be no problems.
Legal Regulation of Gambling Business
The legalization of gambling business on the territory of Cyprus began quite recently, only a few years ago. But the first governmental body, which started to supervise and control the activities of gambling establishments, appeared 10 years ago. The main functions of the NBA were:
- reviewing requests from entrepreneurs to open clubs with gambling entertainment;
- carrying out work in the field of licensing;
- performing audits;
- control over the activities of gaming content operators.
Some time later, another regulator, NGCSC, appeared in the country. According to the legal requirements spelled out in the official documents, the restrictions that apply to the work of land-based clubs are much stricter than the framework created for online gambling. Therefore, potential businessmen are considering the second option of opening a gambling establishment.
Each virtual establishment must obtain an official authorization document for gambling activities. The absence of a license automatically indicates that the gambling club works illegally and violates the law. For this reason, the official site of the gaming platform can at any time be blocked by the monitoring system, the name of the company will be included in the blacklist of organizations that provide services in the gambling industry. In order to prevent this and continue to develop their business, it is important for entrepreneurs to obtain a license.
The authorization document can be of two types:
|Class A||The permit is valid for the operation of land-based establishments.|
|Class B||The license must be obtained by owners of online venues that provide gambling services on the network.|
The license applies only to betting. That is, an entrepreneur can open a club with the only form of gambling – sports betting. The main condition is that the businessman or his partner must be present in Cyprus. It is for this reason that many businessmen have discovered a new way out of the situation to develop their own business abroad – to get acquainted with business partners-residents of the country and draw up contractual relations with them. Thus, the business owner will comply with all requirements prescribed in the law.
To open a gambling club in Cyprus, you must not only make a start-up cash contribution of 30 thousand euros, but also make an initial capital contribution of 500 thousand euros. All financial transactions are conducted non-cash, so you will need to open an account to begin with.
All operators and owners of virtual gaming platforms, the list of which can be found on casino sites Cyprus, should be aware of the size of the single tax rate. It is 13%, 10% of which accounts for the net profit, and 3% is considered to be a regular contribution to the development of the NBA. Taxes are paid by bank transfer.
Requirements for Opening a Gambling Business
Before opening betting offices, it is important to familiarize yourself with the basic requirements, which are spelled out in the law:
|Age restrictions||Players of 21 years old or older are allowed, 18-year-old users can become clients of online bookmaker offices|
|Payment services||For financial transactions, VISA and Mastercard cards are accepted|
|Language processing||The interface of the official website of the online casino must be translated into Greek and English|
|Restrictions and penalties||Lack of license for gambling activities in Cyprus is subject to imprisonment for up to 5 years or fines of 300 thousand euros. If users under this age are allowed to gamble and bet, the license shall be canceled for a period of 1 year. If the violation is repeated, the business is subject to 2 years of arrest and a fine.
Therefore, obtaining is not only important but also a prerequisite for opening an online gaming platform in Cyprus.
You can find out how to obtain a permit to legally operate a company in Cyprus in the article https://pahalaw.com/areas-of-practice/cyprus-regulatory-licensing/gaming-license-in-cyprus/ .
The new way to develop and promote virtual gambling business is to obtain permission in electronic form. This method will not only reduce the financial costs of collecting the necessary package of documents, but will also significantly reduce the time spent on going through this procedure. Electronic requests are often considered by the regulator much faster, as all information is already digitized and does not need to be converted.
New Ways of Attracting Customers
For the development of gambling business on the island of Cyprus, it is important to study the needs of the client audience. Since there are 2 languages in the state, the interface and all of the institution’s offers should be presented in Greek and Turkish. It is also worth taking care of the translation of the main documents into these languages. The advertising campaign should also be conducted in languages that customers can understand.
In order to keep interest in your platform, contributing to its development and promotion of gambling services, it is necessary to regularly follow the popular types of entertainment in demand on the island. If these rules are followed, the business will flourish and generate a growing income.