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11.01.2018

Regulation of gambling in Cyprus

Cyprus has submitted to the EU a revised package of legislative documents governing the sphere of gambling. The original version was rejected after the protest of the European Commission and Malta. It was transferred to the European Union in June 2017 and contained two amendments to the law on gambling 2012, correcting several previously identified violations (in particular, regarding the interaction of authorities with the lottery giant OAPP and a number of other operators).

After the objections of the European Commission and Malta, Cyprus had three months to respond.

The new bill gives gaming service providers an exclusive right to conduct such activities, and their gross profit serves as a base for taxation. Supervision by government agencies (the Gambling Office) will be carried out "in fact" by a three-person supervisory committee.

The bill also provides for strict regulation of the work of bookmakers and institutions providing game services.

A source: Successful business

Tags: Cyprus, Economy, Casino, Gambling, EU

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