Regulatory Authority and Essential Gambling Laws in Cyprus
Although Cyprus is known to be a single independent country; the state has two separate sections. The larger area which is located in the southern part is under the Republic’s authority and laws; however, the northern part of the country is inhabited by Turkish forces and does not follow the betting laws enforced by Cyprus Casino Gaming Commission.
In 2012, Cypriot gambling laws were strengthened by the amendment of The Betting Act. The law does not define betting on the horse race and also criminalized online betting. In addition, the Parliament passed the Law to create Cyprus Casino Gaming Commission that is responsible for controlling and licensing of Casinos; the law allows a single integrated resort (IR) casino to operate in the southern part of the country. The casino is also expected to have four smaller casinos operating under its wings and should provide betting machines and common types of casino games.
In Cyprus, every individual who wants to engage in any gambling activity should be above the age of eighteen years.
Stance on Offline Gambling in Cyprus
Though the country’s strict gambling laws strictly control the Cypriot gambling market; there are a few legal sports betting establishments that offer legitimate gambling opportunities and services in the Turkish region of Cyprus. However, Southern Cyprus has a single legal casino which is a state-owned horse track betting opportunities provider. Cyprus authorities are keen to implement the strict gambling laws to curb illegal and addictive gambling.
Types of Legal and Illegal Gambling in Cyprus
The gambling laws in Cyprus provide the players with very few betting opportunities; only sports betting, lottery, and horse race betting are authorized. Several types of online gaming opportunities such as poker games, casinos games, and bingo are not allowed.
Stance on Online Gambling in Cyprus
It is unlawful to participate in any online gaming opportunity apart from the authorized Sports betting. Also, operating an online gambling platform is prohibited. However, several foreign-based online gaming sites allow players from Cyprus to access their betting opportunities and services.
Stance on Cryptocurrencies and Bitcoin Gambling in Cyprus
Cyprus financial regulator does not recognize cryptocurrencies as a legal payment method; as a result, the use of cryptocurrencies is considered risky and unlawful. Since Cyprus has no laws that can control cryptocurrencies; players can participate in cryptocurrencies and Bitcoin gambling. Cryptocurrencies and Bitcoin gambling allows foreign casinos to avoid the strict gambling laws in the country to provide players with a variety of gambling opportunities.
The Cyprus government has passed laws that authorize a key casino to be established in the southern part of the country. The modern casino should have an integrated resort (IR) and have four smaller casinos that operate under its control; this is intended to improve the country’s economy through tourism.
However, the state has prohibited online gambling and no online casino is allowed to operate except the state-owned internet sports betting. Regardless of the risk of prosecution, players participate in online casino games offered by the easily accessible foreign-based online casino firms.