Best Betting Sites in Cyprus

Sports Betting Regulation in Cyprus

Sports betting in Cyprus is becoming a huge market, with many online betting sites providing access to those who want to participate in gambling activities. The only problem is that the laws aren't straightforward. So, before anyone can enjoy bet in this country, they must understand the rules and regulations so it is easy to note the do's and don'ts, ensuring that you don't break any rules. Not to worry, we've taken the time to break down sports betting and gambling regulations, ensuring that you understand how the laws work and everything you need to get started. So, ensure you check out this section.

History of Gambling in Cyprus

After the independence in 1960, the Cypriot government established the National Lottery or OPAP, which was the only legal gambling form at the time, and it helped create the first set of gambling opportunities for Cypriot bettors. During this period, other forms of gambling outside the national lottery were considered to be illegal, although they were operated within a grey area since the laws didn't explicitly state that they were illegal. In 1975, under the Turkish influence, casinos emerged in Northern Cyprus. Not much changed between 1975 and 2012 until the introduction of the Betting Act. With that, there is a more regulated market, especially when it comes to online casinos and the online betting industry.

The Betting Act saw the legalization of land-based casinos with two operators granted licenses. On the other hand, during this period, online betting faced several restrictions, especially when it came to sports betting and games involving humans. In 2015, we saw changes in the gambling industry with a more solidified legal framework for land-based casinos, providing licensing procedures and detailed regulations. This helped in paving the way for more casinos to enter the market. As a result, players enjoyed more gambling opportunities. By 2017, the regulatory bodies, including the National Betting Authority and the National Gaming and Casino Supervision Authority, were created, helping to regulate respective sectors. This establishment shifted its focus to illegal gambling, ensuring that players can enjoy responsible industry practices.

Current Status of Cyprus Sports Betting Regulations

The 2017 developments helped change the course of online sports betting in Cyprus. The introduction of specific authorities ensured the permission of specific forms of gambling through licensed betting sites. As a result, players have the chance to engage in tennis betting, football betting, basketball betting, futsal betting, and other forms. However, it is important to understand the requirements for sports betting licenses before proceeding to engage in these activities.

Sports Betting License

The Betting Law of 2012, which was later amended in 2019, regulates all betting activities in the country. It regulates both online and land-based betting services, allowing sports bettors the chance to enjoy an incredible betting opportunity. However, this legal provision currently bans online poker, online casinos, online bingo, and exchange betting. It is good to note that the laws have two betting license types.

• The Class A License regulated the land-based betting services provided within physical licensed premises, except for horse racing.
• The Class B License regulates online betting services, excluding games of chance, which include slots, online casino games, and lotteries.

It is good to note that only companies with a paid-up share capital of a minimum of €500,000 with a branch in Cyprus or established in the country can apply for the Class B License. The applicant must also satisfy the National Betting Authority's requirements.

Gaming Tax

Operators also need to adhere to gaming taxes from the Cyprus licensing regime. The operators must pay up to 13% of their gaming revenue. So, depending on how much they bring in for the year, they will have to remit up to 13% to the regime. However, it helps to note that the 13% is broken down into different sectors.

• 10% of the tax is the direct tax paid to the government to ensure continuous operation.
• An additional 2% goes to the Cypriot sporting bodies
• Finally, a 1% tax is paid to fund the responsible gambling initiative in Cyprus.

AML Legislation

Money laundering is a big issue in the world of gambling. It has created stringent policies and laws to help combat the problem. Therefore, players must be careful when they join a sports betting site. It helps to understand the need for Anti-Money Laundering legislation. In Cyprus, this is no different. Below are some of the AML legislation in Cyprus.

• Debit/Credit Cards or other electronic payments are the only accepted payment methods for the Class B License.
• Cash transactions aren't allowed for Class B Licensees' online bets.
• Operators with Class B Licenses are prohibited from accepting a bet unless the amount in the account maintained in the name of an active player is sufficient enough to cover the bet amount.
• A Class B License holder must have a valid bank account with any authorized financial institution operating in the country.

Other Gambling Laws and Restrictions

Although technically, online gambling is allowed in the country; there are a few restrictions you must understand before proceeding with the Cyprus online betting industry. We've taken the time to highlight some of the prohibited betting activities in the country. You can check them out before you decide to play at online sportsbooks in the country. The following activities are strictly prohibited, whether through online platforms or land-based sites.

• Horse racing betting
• Limited betting game machines
• Dog racing
• Spread betting
• Bitcoin/crypto gambling

Future Projections

There are still a few intricacies when it comes to betting online in Cyprus. Although there are different Cyprus online betting sites where players can join, some sectors are still prohibited. We look forward to more changes to the current gambling laws, ensuring that there is more to enjoy once a player decides to start their gambling journey. There has been a recent push for a more open gambling market. Therefore, players can enjoy the full incentives of joining a top-notch online betting site without any restrictive laws. Till then, you must adhere to the existing betting laws and bet online without hassle.

Free Bets & Betting Offers in Cyprus

• Welcome Bonus: This bonus is given out to new customers when they sign up for a betting site.  A common welcome bonus is a 100% match on the first deposit, up to a certain limit. Your initial investment of €500 will be doubled by the bookmaker, giving you a total of €1,000 to bet with.

• Free Bets: With free bets, you can receive a certain amount of bet credits from the bookmaker without making a deposit. These bets allow you to place bets without putting your own money on the line. Bookmakers can offer different amounts of free betting funds after you register and verify your account. If your bet is successful, the difference between your winnings and the stake will be credited to your account.

• No Deposit Bonus: The term "no deposit bonus" describes a promotion that gives you some betting credit but doesn't ask for an initial payment. This is a way for players to try out the bookmaker's platform before committing to a deposit. After you sign up and verify your account, you'll be eligible for some amount of bonus that you can use to wager without the initial deposit required.

• Accumulator Bonuses: All accumulator bets, also known as multiples or parlays, which involve combining multiple options into a single bet, are associated with these bonuses. If your accumulator bet pays out, the accumulator bonus will increase your payout even more. If the bookmaker offers a 10% accumulator bonus and all four of your selections win, you can increase your winnings by 10%. Your total winnings will be €110 and the bonus will add another €10 to your potential winnings of €100.

Popular Payment Methods for Cypriot Betting Sites

Cash transactions aren't permitted for betting sites in Cyprus with Class B licenses. Additionally, Bitcoin and crypto betting are also among the prohibited activities. However, there are a few popular payment methods for Cypriot bettors to consider. The two main categories are Debit/Credit Cards and electronic payment services. We've broken down these major categories to give a detailed overview of the popular payment options you can consider for your next betting adventure.

• Mastercard: Mastercard is a global brand that has been around for many years. The company is a top-notch credit/debit card service provider, issuing bank cards to account holders. Many punters with a Cyprus bank account likely have a Mastercard debit card. So, if you want to try your luck at an offshore online bookie site, you can always consider this payment method. Mastercard continues to dominate the financial technology industry worldwide. However, you should pay attention to the likely transaction fees that come with using this payment method.

• Visa: Visa is very similar to Mastercard. It has one of the largest global card networks worldwide, making it a very popular option for betting sites. Therefore, it is not a surprise that Visa is a popular payment method at most Cyprus betting sites. You can choose this payment method if you have a Visa card connected to your bank account. You should know that most betting sites don't allow players to withdraw with Visa cards, but they are effective for deposits. You can use Visa on offshore betting platforms since the service can facilitate international transactions, making it a worthwhile payment option for your journey.

• American Express: Even though the American Express company started in the US, it has become a global financial technology company, providing services in over 130 countries, including Cyprus. It has also become a major player in the online gambling industry, with many sports betting sites accepting it as one of their payment methods. Cypriot bettors can take advantage of this payment method to deposit money into their betting accounts. It is straightforward to use and doesn't charge users massive fees. It is a good payment method if you want to enjoy an exciting and smooth betting experience at some of the top Cyprus betting sites.

• Maestro: Although Maestro is a sub-product operating under the Mastercard brand, it has its global network. The payment service has been around for some time and has continued to facilitate transactions on various online platforms, including sports betting sites. So, it is a worthy deposit method to consider. Maestro is a global brand with services in Cyprus. Therefore, if you want a solid betting experience, whether on local or international betting sites in Cyprus, you can consider Maestro as your preferred option. Once you have a Maestro card, completing transactions won't be difficult. The only problem is that you might not be able to withdraw.

• Skrill: Skrill is a global e-wallet service that allows users to complete transactions on online platforms. Various betting apps in Cyprus add Skrill to their payment options list. All you need to do is find a suitable site to join and select Skrill as your preferred option. Also, you must have a fully funded Skrill account before proceeding. Keep in mind that Skrill has certain transaction fees. So, pay attention to the fees whenever you want to use the payment method to deposit or withdraw. You can also check if there are any exclusive bonus offers to claim when you use Skrill at a particular betting platform. That way, you know you can expect extra when you use the payment option.

• Revolut: Enjoy fast, easy, and secure transactions when you choose to use Revolut at online betting platforms. Revolut is a digital wallet service that provides users with the opportunity to make faster payouts with lower processing fees. It offers a one-click checkout experience to ensure you enjoy a smooth experience when you choose the payment method. Revolut is available to bettors in Cyprus, and it remains a popular option in the country. You can use this payment method at different betting sites. Simply find one that fits into your preferences and accept Revolut as a payment method. Once you do that, you're good to go.

• PayPal: PayPal is a global digital wallet payment method that lets you send and receive money in different currencies, ensuring that you don't have to worry about conversion rates, especially when you want to play at a foreign betting site. PayPal is a solid option you can use for your next betting adventure. Choose PayPal to deposit and withdraw money at your preferred platform. Fortunately, most of the best betting sites in Cyprus feature PayPal as part of their payment methods. So, if you want to get started, you can create a PayPal account if you don't already have one and fund the account to start your next adventure. And if you're lucky enough to win, you can withdraw using PayPal.

The table above shows some of the most trusted betting sites you can join in Cyprus. We've taken the time to scour the internet for some of the best betting sites. You can always check the table for inspiration and compare the different sites on the list before picking one for your next adventure. Create an account and deposit money to start predicting and placing your bets. Don't forget to check the welcome bonus package and claim it. Ensure you make a qualifying deposit and adhere to the terms and conditions to improve your chances of winning a substantial payout.

Conclusion

Cyprus is open to the gambling industry, with online sports betting legal and regulated. The country has a stringent law when it comes to all gambling forms, and some activities are prohibited. The National Betting Authority oversees the regulation of the industry and ensures only suitable betting sites get to receive licenses. So, licensed betting platforms are essential if you want to get started best betting experience. There are enough platforms that provide betting opportunities to players in Cyprus. Simply find the one that fits your preference and get started with your journey.