Bet365 first to claim remote Cypriot licence

Bet365 has become the first operator to go live in the newly regulated Cypriot online market after the country’s regulator rubber-stamped the firm’s licence application.

The licensure means bet365 is now operating within Cyprus’ new regulatory framework and also paying what is effectively a 13% net revenue tax – a 10% gaming levy, a 2% contribution to Cypriot sport federations and 1% towards problem gambling programs.

Until last week, bet365 had been operating under a transitional licence, along with a number of other operators which had declared their interest in operating under the new regulatory regime.

In November the Cypriot regulator, the National Betting Authority, handed out a total of eight transitional licences with the likes of Betfair, Sportingbet, Winmasters and Stoiximan also among the recipients.

All other firms were then required to withdraw from the market, with the country adopting a black list with ISP blocking measures. As of the end of last year, more than 2,000 websites were on the Authority’s list.

The licence covers sports betting only with costs of €30,000 for a one year licence or €45,000 for two years, and a capital or bank guarantee of approximately €500,000.

News of the Cypriot licence comes after bet365 withdrew from the Czech Republic after delays to the licensing process meant operators were unable to gain the necessary permit in time for the 1 January go-live date.