Gaming Law In Cyprus: Online Betting Regulations
- Author Michael Chambers
- Published October 15, 2016
- Word count 411
‘New Online Betting Regulations will create significant prospects for the economy.’
Harris Georgiades, Minister of Finance
Online betting regulations, together with other measures concerning the betting industry, will create significant prospects for the Cyprus economy, according to the speech of the Cyprus Minister of Finance, Harris Georgiades at the National Betting Authority. Specifically, Mr Georgiades stated that ‘By opening and regulating online betting and the rest steps undertaken [by the government] in the betting industry we create new significant prospect for the economy’. That is to say, the betting activity will generate new job positions. Furthermore, online betting could be an additional source of public revenue.
Mr Georgiades outlined that the government has developed a five pillar strategy concerning:
The operation of an integrated casino resort;
The licensing of Video Lottery Terminals (VLT) gaming machines in the context of the casino license;
The concession of the operation of the state lottery to a private investor;
The regulation of betting games offered by the Greek Organisation of Football Prognostics S.A (OPAP) via legislation rather than through a bilateral agreement with Greece;
The licensing of online betting firms;
The ‘Betting Law of 2012’ (106(I)/2012) set the regulatory framework for online betting via Class B license.
According to the existing legislation, the regulatory body for online betting activities is the National Betting Authority (NBA).
The main duties of the NBA include:
• The licensing and the supervision of authorised betting services providers;
• The monitoring of illegal gambling;
• The protection of minors and addicted gamblers;
The President of Cyprus National Betting Authority (CNBA), Ioanna Fiakkou, clarified that the CNBA will take applications for the licensing of online betting firms on the 3rd of October for a month. According to Ms Fiakkou, in November of 2016, the CNBA will publish a list of companies to be blacklisted given that they have not applied for a license. Among others, Ms Fiakkou stated that the CNBA will undergo a restructuring based on a study that will be carried out by a private consulting firm.
The short deadline set for the application process endorses the need for the operators to fulfil timely the necessary procedures so that to be able to provide online betting services lawfully avoiding the risk to be blacklisted and blocked.
Applying for online gambling license requires an adequate legal support as a professional lawyer will provide you with the necessary legal support so that to carry out all the necessary bureaucratic procedure effectively and efficiently.
Michael Chambers and Co. LLC is a full service Cyprus law firm offering a wide spectrum of expertise in an impressive variety of legal disciplines. Our philosophy is simple: you give us the facts and we will give you the law, based upon which we will undertake your instructions in an efficient and cost-effective manner. For more information: www.cypruslawfirm.comArticle source: https://articlebiz.com
There are no posted comments.
- Best tips for Betting on Professional Sports
- Winning at Casinos!
- Best betting site
- Biggest online slot game wins
- Play Online Sport Bet at Trusted Sports Betting Malaysia Sportsbook Online BBQ1688
- BBQ1688 Malaysia associate forms rare consortium with rivals to bid for sports betting licence
- How is online gambling entertaining and engaging?
- What does no wagering mean? – Casino Guide
- Tips to Win Online Casino Games
- How To Win IDN Play ?
- Are Online Casinos the Future of Gambling?
- The Importance of Blackjack Online
- Understanding Betting Odds For Successful Online Gambling
- How to Play Baccarat
- The Game of Blackjack Online and Its Popularity
- Gambling is all about chemistry in your brain
- The Benefits of RTG Casinos
- Love of Online Slot Machines
- 5 Things to do Before Playing Online Poker
- Technological Innovations and Development of New Games
- Slot Machines - How They Work
- Online Bingo Game Secrets
- BetVision - The main sponsors of Team Singapore at the upcoming IFMP Asia Nations Cup!
- How to Win Blackjack - A Guide
- Roulette: History & Origins
- Wizard Of Oz Slot Game
- The Future of Online Gambling and AI
- And The Journey Begins
- Everything you need to know about Sbobet Malaysia.
- How I Turn Promotions Into Risk-Free Cash, And You Can Too.