Analysis of the Online Gambling Market in Cyprus: Legislation and Trends
We present to you an analysis of the gambling market in Cyprus, which will provide answers to all the players’ questions. This article was prepared by experts in the field of global gambling – the Online Casino Hub project. Their analysis on the topic of online casino Cyprus allows us to draw many conclusions about the gambling situation in this country.
The Cypriot government strictly regulates the gambling industry, granting licenses only to certain operators. There is also an age limit for players and they must be over 18 years of age to play in the casino and other gambling halls.
Gambling legislation in Cyprus
The EAS or the National Betting Authority regulates the entire Cyprus market, both for casinos and for betting and horse racing. However, the legislation does not cover online casinos for Cyprus, which are not regulated, but only land-based Cypriot casinos. This means in very simple terms that according to the Betting Law of 2019 (Law 37(I)/2019), Casino Online Cyprus operates as usual, as they are not subject to Cypriot jurisdiction, but at the same time are not considered legal.
And this is because even if the provider has obtained a class B license that allows the provision of electronic betting services, this does not apply to ranked games and live casino games. They just play in the “grey zone” because they are not on the black list. In terms of online betting, there are 9 betting companies available and licensed by EA, but there are also several betting platforms at the disposal of the public that are in the “gray” zone.
How popular are casinos in Cyprus?
According to a report by the Cyprus Gambling Commission, in 2020, gambling revenues amounted to about 118 million euros. However, as in any other country, players should be aware of the possible risks associated with gambling and follow the principles of responsible gambling.
At the same time, the gambling market here, of course, cannot be large, since Cyprus has a small absolute population – only 1.244 million. Compared to other countries, the number of players playing here is low.
The most popular gambling in Cyprus
Online slots are the most popular category of games, and for good reason. The quality of the graphics, sounds and gameplay of games created by providers such as NetEnt, Microgaming, Play N’ Go and Novomatic have soared to new levels in recent years.
At the same time, slots are simple and represent the highest form of entertainment, since it is enough to press a button to start the action. Casino slots are also divided into categories, the most popular of which are classic slots, video slots with their thematic subcategories, progressive slots and 3D slots.
Roulette is a game that is more closely associated with the casino than any other. The adrenaline it generates, the sound of the spinning ball and the waiting for confirmation of a bet make roulette in the casino an extremely popular game both at Casino Online Cyprus and around the world. At the same time, it is one of the games with the highest payout ratio, which is 97.3%.
Fast, frenetic and requires sharpness of mind and skill, perhaps more than luck itself. This is everyone’s favorite online blackjack, which is also commonly known as blackjack 21.
Where… skill and strategy, wit, intellect and insight meet the goddess of fortune or, in other words, the famous and widely publicized poker. In this game, if the player has the first pieces, he is unlikely to lose.
In Live Kino or Keno, the first and last word is the luck factor, but the game changes so intensely and quickly that they really… don’t let the player take a breath. At the same time, it is simple, easy and understandable, elements that also intrigue Cypriot players who have proven to appreciate live cinema in Cyprus. IN
Online betting in Cyprus
But there are not only casinos in Cyprus – there are many sports betting enthusiasts here. Mostly in Cyprus, there are world bookmakers who came to this market from other regions.
As a conclusion, we can say the following: Cyprus is heavily regulated in the context of gambling, but this is a promising geo. This is due to the fact that online casinos with external foreign licenses are available here, and the population is growing due to migration to this island.