Online casinos may soon be introduced in Cyprus, with the gaming and casino supervision commission confirming that steps have already been taken in this direction.
- Online casinos may soon be introduced in Cyprus, with the gaming and casino supervision commission confirming that steps have already been taken in this direction.
While no official announcements have been made regarding the legalisation of online casinos, the commission is currently examining the issue to ensure that it aligns with existing legislation. This includes the legal framework that governs the operation of the physical casino resort and its branches.
According to reports from Philenews, authorities are evaluating whether the exclusivity rights of the casino resort extend to the online gaming sector as well. This assessment is crucial as the gambling landscape continues to evolve, and understanding the relationship between physical and online operations is vital for future regulations.
The commission has taken a proactive approach by studying various international models for online casino licensing, particularly those implemented in countries like Malta and Gibraltar. These examples could serve as a foundation for Cyprus, allowing for necessary adjustments to cater to local conditions and regulations.
With existing infrastructure and expertise, the commission believes it is well-equipped to supervise both physical and online casinos effectively. This capability could pave the way for a robust regulatory framework that addresses both the operational needs of online casinos and public safety concerns.
The Cyprus online gaming association (Coga) has expressed strong support for the introduction of a new regulatory framework, highlighting the potential benefits. They argue that legalising online gambling could enhance state revenue and improve public protection. Coga emphasises that the current lack of a legal framework has negatively impacted legitimate businesses, competitiveness, public expenditure, and the security of the financial sector and citizens.
Moreover, the rise in online gaming has led to an increase in scams, with fraudsters targeting individuals drawn to unregulated gambling platforms. Legalising online betting and allowing licensed companies to operate would provide a safer environment for consumers, reducing the risk of exploitation.
