Online betting in Cyprus will probably be legalized as soon as the Greek part of the island starts accepting applications for licenses this year. New legislation will regulate the rates for the sport and leave a ban on the online casino and poker on this territory.
Finance Minister Harris Georgiades:
"Opening and regulating sports rates and taking other measures (state) in the bookmaker industry, we create a new significant perspective for the economy.
Licensing will create new jobs and will enable foreign companies to open firms with physical presence in Cyprus, and will also help carry out more efficient control and fight against tax evasion, create a significant constant influx of government revenues."
According to Georgiades, the Government of Cyprus adheres to a strategy that consists of: operation of an integrated casino resort, Slot machines VTL as a casino license, surcharges for the work of the state lottery for a private investor, regulating the Greek OPAP betting with the help of legislation, and not through a bilateral agreement between Greece and firms that are engaged in licensing.
Back in 2012, Cyprus adopted a new law, which forbade online casino, poker and rates stock exchange. New amendments gave the Greek company OPAP to get a monopoly over the regulation of online gamega products. In 2013, the European Commission did not approve this plan and called on Cyprus to develop another. Thus, Cyprus got the opportunity to create his own monopoly on online betting.