Cyprus is an island off the coast of Turkey that serves as a licensing jurisdiction for some online casinos. Due to its lax regulations and low fees, it is a popular destination for small casino operations. Unfortunately, these policies are not the best for players. For your convenience, we've posted a list of Cyprus casinos on this page.
Types of Licenses Available
Because online gambling is illegal within Cyprus itself, the Cyprus Lotteries and Gaming Authority only offers gaming licenses to casinos and poker rooms outside of Cyprus; however, sportsbooks can still legally operate within Cyprus. The licenses aodate all types of businesses, including sites that offer multiple gaming options.
The Cyprus LGA does not require much of its licensees. An applicant must represent an LLC registered in Cyprus. The application process begins with a nonrefundable fee and requires the prospective casino to provide information about the business structure, financial standing, and criminal history. If the information checks out, the Cyprus Lotteries and Gaming Authority will grant a license to the applicant. The licensee must then simply pay the annual fee of €7,000, plus any applicable taxes on profits.
Limited Regular Audits
The Cyprus LGA does not regularly check up on its licensees. A casino will generally only lose its license if it fails to pay the annual fee or taxes on earnings. As such, players at Cyprus casinos should make sure the casino is safe and fair before depositing – a Cyprus license alone is not proof of a good business.
Few Player Resources
Only casinos generally have the means to contact the Cyprus LGA. This means that players who have a dispute with a casino licensed in Cyprus will need to resolve it without the help of the licensor. Thankfully, most issues in the online gaming world can be fixed simply by talking to the casino or working with an affiliate. However, in the rare event that these resources fail to provide a satisfactory ou, players at casinos licensed in Cyprus will not likely have any other options.