Cyprus Licensed Casinos Online
If you’ve found several Cyprus regulated and licensed online casinos that generally appeal to you, and are now wondering whether they are safe to play at or not, you’ve come to the right place. At SlotsUp.com, we’re strictly focused on providing our readers with the best casinos with Cyprus Gaming Commission License – as well as informing them about this rather popular jurisdiction, its rules and the way they are applied. We’re here to enlighten you and ease your way to your online gambling success.
As experts with years of experience in the online gambling sphere and authors of one of the largest online casino review platforms, we feel the responsibility to reveal the most up-to-date and accurate information on various gambling facilities, as well as gambling jurisdictions that regulate them. We’re in constant research mode when it comes to everything related to online gambling. As for online casino licensing, this topic is especially crucial. Top-notch licensing guarantees excellent gaming possibilities.
We’re sure you’re aware of the importance of sticking with the fully licensed online gambling venues only. A proper license grants absolute player protection and fair gaming practices. In this post, we will discuss the Cyprus Jurisdiction: the way it works, its legal framework, its application requirements, the main types of licenses their Commission issues, as well as its overall reliability. We hope our posts will empower you to join the most trusted online casinos licensed in Cyprus and i.e. boost your winning potential.
Best Cyprus Licensed Online Casino Sites:
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Cyprus Gaming Commission Framework
Before 2012, not a single form of gambling was legally allowed in Cyprus. Illegal gambling activities were severely banned by authorities. Both gambling fans and companies that provided corresponding services were prosecuted and fined by the government. In 2015, the Parliament of Cyprus passed the Law to Regulate the Establishment, Operation, Function, Control and Supervision of Casinos and Related Matters of 2015 – also referred to as the Law -, according to which all casino operators striving to offer their services must obtain a license.
In conformity with the law, the body that issues casino licenses in the country is the Cyprus Gaming and Casino Supervision Commission – also known as Εθνική Αρχή Παιγνίων και Εποπτείας Καζίνου, or Ε. Α. Π. Ε. Κ. Despite the fact that online gambling in Cyprus is still legally banned – read as: prosecuted -, and offline gambling is strictly regulated by the government, this jurisdiction is considered to be among the most recognized locations for online gambling companies to base their operations.
How the Commission Works
In 2012, the National Betting Authority (NBA) responsible for granting licenses and generally supervising both land-based and online betting facilities began operating. The Cyprus Gaming and Casino Supervision Commission also referred to as the Cyprus Gaming Commission, or the Commission was founded three years later – in 2015. The Commission aims at ensuring that casino gaming is absolutely safe, well-organized, and bears no harm to society, especially the most vulnerable groups.
The Cyprus Gaming and Casino Supervision Commission’s main functions focus on creating and maintaining solid framework for proper licensing, inspection and control of casino gaming activities.
The Commission has a wide range of responsibilities. Cutting to the chase, the Cyprus online gambling jurisdiction ensures that:
- each their licensee is decent and has no criminal history record
- all casinos with Cyprus Gaming Commission license work hard on preventing minors, addicts and other vulnerable categories of people from using their services
- each gambling operator within their jurisdiction acts according to the Law, follows the licensing rules and complies with all the restrictions outlined by the Commission
- casino tax is properly collected
The Commission is empowered to legally challenge their irresponsible and/or indecent licensees. Also, it works to make sure the players enjoy their favorite pastime without forgetting about the risks it comes with. Furthermore, the Cyprus Gaming and Casino Supervision Commission work on collaborating with other organizations to cope with the above-listed responsibilities, as well as advising the government on the topic of gambling regulation.
Application Requirements & Compliance Highlights
During the application procedure, as well as whenever the Commission requires, each licensee must willingly – and fruitfully – cooperate with the Cyprus jurisdiction, providing all the information the Commissioners need to conduct their investigations and background checks. If the licensee refuses to openly provide details about their financial and/or business activities, the Commission may refuse to grant them a license.
The Cyprus Gaming and Casino Supervision Commission require their licensees to:
- possess high moral and professional qualities
- to show the financial capability to keep the business afloat
- have enough experience in the field to eventually become one of the best online casinos licensed and regulated in Cyprus
On the whole, the Commission’s requirements are not the strictest out there. A potential licensee must have an LLC registered in Cyprus. Typically, for an online gambling operator, the application procedure starts with paying the fee, as well as providing such details about themselves as: ownership framework, financial background, and evidence of no previous criminal records. If an online gambling operator wants to optimize and speed up the licensing procedure, they can order services from a specialized law firm.
Types of Licences Issued by the Cyprus Gaming Commission
As you may have already guessed, the situation with gambling regulation in Cyprus is uneven. The government of Northern Cyprus had legalized land-based gambling earlier, while in the Southern part of the island, gambling became legal only in 2017. Because online gambling is still banned in Cyprus – even now that their 2012 Law has been updated – the Commission only issues licenses to foreign internet casino operators.
When it comes to the types of betting licenses issued by the jurisdiction, they are as follows:
- Class A. This type of license regulates land-based gaming services.
- Class B. This type of license regulates online gaming services.
Depending on the type, the Cyprus online gambling license is issued for one or two years. The license is renewable upon the approval of the regulatory body. The Commission authorities reserve the right to suspend or revoke a license whenever their licensees stop complying with their rules and regulations or fail to meet their financial obligations in the form established by the Commission.
Here’s a short list of casinos regulated by Cyprus Gaming Commission:
- Planet 7 Casino
- Lucky Spins Casino
- Gratorama Casino
- Uptown Aces Casino
Because of the relatively relaxed regulations and affordable fee system, acquiring the Cyprus casino license is a popular choice among the owners of small gambling businesses. However, when it comes to a player’s point of view, the reputation of issued for one or two years and online casinos with Cyprus Gaming Commission license is far from being stellar. If you want to access the most reliable casino sites that are licensed in Cyprus, refer to the selection published above.
Cyprus Gaming Commission Reputation & Players Protection
Now, we’ve already dwelled upon the Commission principles and priorities. If you’re an online gambling enthusiast looking to play at decent online gambling venues licensed by this rather low-profile gambling jurisdiction, you may come up with a very logical question: ‘How are these principles, priorities, and responsibilities carried out in practice?’. Read on to find out. The following section is focused on the reputation of the Commission, as well as its willingness and readiness to practice what its representatives preach.
To protect its players from accessing illegal gambling sites, the National Betting Authority has already blocked around 300 online casinos. Furthermore, the Cyprus Gaming and Casino Supervision Commission has recently issued an updated version of the content-related restrictions imposed via the Code of Advertising. According to these restrictions, gambling advertisements can be broadcasted between 11 p.m. and 6 a.m. Also, internet casino ads are not allowed to attract anyone under the age of 21.
Here are a few more limitations based on the above mentioned Code of Advertising:
- ads displayed on billboards should not be placed near schools, playgrounds or in other places where underage kids gather
- casino-related promotional content of any kind should include information about possible risks related to gambling
- misleading bonus schemes are strictly prohibited
The Gambling and Casino Supervision Commission performs background checks on each applicant. The Commission offers its licensees comprehensive support and all the necessary instruments for a well-managed gaming business. Moreover, based on the Commission’s Responsible Gaming Action plan and player protection principles, internet casinos with online gambling licenses in Cyprus must provide players with self-care possibilities such as self-exclusion and time restrictions.
The Cyprus Gambling and Casino Supervision Commission ensures that its licensees organize their business to provide fair gaming possibilities to their customers/players. Based on the Commission’s principles, corruption and money laundering prevention are among the operators’ responsibilities. Because online gambling in the country is legally banned, there’s very little information on the exact cases when the Cyprus Jurisdiction took action to fight for their players’ fair and reliable gaming environment.
In compliance with the Cyprus Gambling and Casino Supervision Commission principles, the licensee’s funds must be kept strictly separate from the players’ funds, i.e. from the casino’s operating finances. That way, the players’ funds are protected. And, in case the casino goes bankrupt, its users get the possibility to cash out their money.
Based on the principles according to which the Cyprus Gambling and Casino Supervision Commission operates, online gambling operators are given a wide scope of responsibilities. They include maximum player protection, guaranteed fair gaming conditions, and limitless access to all the necessary tools for responsible gambling.
When conducting our research on internet casinos licensed by Cyprus Gaming Commission, we haven’t encountered any details on scammy practices or fraudulent activities taking place within those casinos. Being a somewhat discreet jurisdiction, Cyprus is also renowned for its principles being ‘good on paper’ only. In practice, a lot of online casinos regulated by the Commission often turn out to be quite irresponsible and unreliable.
Cyprus Gaming and Casino Supervision Commission FAQ
- Can Cyprus regulated online casinos be trusted?
- If you’re looking for trusted Cyprus Gaming Commission casinos, you’re welcome to scroll up and choose the ideal facility within our expert-approved selection. If you decide to look for the right venue on your own, chances are high you will stumble upon a dishonest operator. For more Cyprus Jurisdiction news and further updates, bookmark SlotsUp.com and follow the updates.
- How to know if a casino is regulated by the Cyprus Gaming Commission?
- How do I submit a complaint?
- If you want to submit a question or a complaint to the Commission, you are free to use their Contact us section to find all the necessary contact information. Email your complaint to them, ensuring you are as precise in your description of the situation as possible. Otherwise, the investigation process may take too long.
- Are my funds safe at a casino regulated by the Cyprus Gaming Commission?
- Since Cyprus cannot be referred to as one of the most trustworthy online gambling jurisdictions in the world, we recommend that you approach the issue of choosing the right venue for your gambling practices with utmost attention and cautiousness. Even fully licensed Cyprus online casinos aren’t as highly regarded as Swiss banks – or such solid jurisdictions as Gibraltar or Malta. Therefore, your funds and safety is a very dynamic, changeable combination when it comes to Cyprus licensed casinos.
- Are Cyprus licensed casinos safe?
- Low to medium tax rates – 10% regardless of profit – as well as such factors as political stability, top-notch telecommunications system, well-managed financial service framework and overall low cost of operation contribute to the popularity of a gambling license from Cyprus Gaming Commission. However, when it comes to such issues as player protection, fair gaming, and financial protection, this jurisdiction is not the most reliable among the rest.
Based on these factors, we must say that Cyprus licensed online casinos are only safe to a certain extent. That’s why you should always conduct your own research on each gaming facility you’re intending to register with and play for real money at. Your safety is not only about what an operator provides. It’s also something you create for yourself, by taking each step towards big winnings seriously – and with maximum responsibility.