Cyprus jurisdictions

In terms of rigorousness, we could classify Cyprus as the yellow-level market, where some forms of gambling are legal while the others aren’t. As the Online Gambling Bill 2012 was passed, prohibiting all forms of online gambling (except for fixed odds betting), many operators withdrew from the market.

To have a better understanding of the legality of Gambling in Cyprus, players need to take its specific geographical position into account. While the Republic of Cyprus does belong to the European Union, one part of it, the northern half, is governed by the Turkish Republic of Northern Cyprus. Therefore, it operates as a semi-independent Turkish country.

So, as all countries belonging to the Union, this country abides by the regulations established by the European Commission. But, like most countries from the EU, it tends to violate the laws quite frequently.

Regulatory Framework

Having in mind the above-mentioned circumstances, we should further clarify that each of these regions has a specific approach, that is, tolerance for online betting websites.

Northern Cyprus permits it, so there are numerous online sportsbooks and casino sites welcoming players. On the other hand, following the legislation passed in July 2012, Southern Cyprus prohibited betting exchanges, poker, and casino gaming, with online sports betting remaining the only legal form of digital entertainment. To be more precise, fixed odds betting remained the only one allowed.

In November 2017, the government started considering the possibility of regulating bingo and privatizing the national lottery. However, no additional bits of information were released regarding the finalization of this proposal.

Introducing Cyprus Gaming Commission

The Cyprus Gaming and Casino Supervision Commission was established under the Cyprus Casino Control Law 2015 and related Regulations. The main goal of this institution is to ensure a safe, fair, and honest gaming environment while putting efforts to eliminate the potential harm of vulnerable groups and minors.

Some of the main duties of this body are to monitor whether the license holders meet the obligations, inform the consumers, and are familiar with their gambling habits. Worth adding is that this institution is one of the supporters of Safer Gambling Week organized by the National Betting Authority (NBA).

Is There Future for Bitcoin?

Even though cryptocurrencies have been part of the iGaming industry for a while, rarely any region has them officially regulated. Cyprus is one of the countries that have introduced the first steps towards regulating this payment asset, by making amendments to AML law from 2007.

With these changes, the AML now recognizes crypto-asset service providers (CASPs). As explained, they should be approved and registered with the Cyprus Securities and Exchange Commission (CySEC). According to the definition, CASPs are consumers who exchange between crypto assets, exchange crypto assets and documentary currencies, offer, sell, manage, transfer, or are involved in any way with this payment asset.

While there’s still plenty of things to be done to ensure smooth management of crypto transfers, this is undoubtedly a huge step for Cyprus in presenting itself as an attractive market for consumers who prefer this innovative payment asset. On top of that, its popularity in the iGaming industry is on the continuous rise, which overall confirms that these steps are forward-thinking.

Until virtual currencies are precisely defined with clear instructions on every aspect, the Central Bank of Cyprus (CBC) warned the people to be extra careful when utilizing them. As stressed out, they are connected with increased risk mainly to extreme price volatility, lack of price transparency, and incompleteness of information available to those who want to purchase cryptocurrencies.

Player Protection

In 2019, the country came up with restrictions regarding the advertising of gambling-related content. As directed by the Cyprus National Gaming and Casino Supervision Online marketing on websites, social media, or search engines is not permitted if aimed at consumers under 21.

Also, limitations were imposed regarding the marketing of integrated casino resorts. Any content involving the said project is prohibited during the daytime, that is from 6 am to 11 pm on radio and TV. Plus, such adverts are not allowed just after programs directed at or that could be of particular interest to children.

Back in 2013, the National Betting Authority (NBA) issued a blacklist of 270 operators which ISP’s were required to block or face a €30k fine. The list was implemented, so Cyprian residents could no longer access these domains. It is important to add that the list is non-exhaustive, meaning it can be expanded.

These are just some of the measures which prove that the market is continuously taking steps in ensuring a safe and well-organized environment. It’s important to add one of the requirements for licensees is to keep their own funds separated from the players’ funds. Before the operational certificate is granted, the Commission examines the company’s tools and back-end, evaluating whether they are competent to run business.

A Couple of Helpful Tips to Find the Best Online Bingo Room

While in most jurisdictions, Cyprus included, it’s mostly up to operators to decide whether they will respect players and offer them quality and fair services, still one cannot deny that a well-regulated framework plays a significant role. Just like Alderney, UK, Malta, Gibraltar, Sweden, and other renowned regulators, this market shows a high level of organization in managing this sector.

Yet, players should do their due diligence as well, and inspect an online bingo room or a casino before placing real money bets. One of the first things to do is go through Terms and Conditions to see if there are any problematic or predatory terms.

Also, look for a visible license on the website- sometimes the seal is clickable, so the status can be instantly checked. See if the website has other certificates as well, those issued from security agencies or test labs.

Pay attention to banking policy, processing time, and required documents for KYC procedure. Take a closer look at available games, and use demo mode to test them to see how they work. Analyze the promotions, the accompanying wagering requirements, duration, and game contribution percentage.

Gamble responsibly!