Paddy Power Betfair picks up Cypriot licence
Licensure solidifies future for Betfair.co.cy which was active under transitional waiver
Paddy Power Betfair has received a full Cypriot sportsbook licence, enabling the firm to continue operating its Betfair.com.cy site.
The Cypriot gaming regulator, National Betting Authority (NBA), said Monday it had issued full licences to Paddy Power Betfair and Meridian Gaming, taking the number of approved sports betting operators to five.
Betfair had previously been operating under a transitional permit but secured the two-year licence for an upfront fee of €45,000.
EGR Intel understands the firm has no plans to launch its Paddy Power brand in Cyprus, in line with the group’s stated preference for the Betfair brand internationally thanks to the presence of ‘bet’ in the name.
Betfair and Meridian join bet365, Stoiximan and Betonalfa with full licences, while several firms, including Sportsbet and Winmasters continue to operate under a transitional permit.
Under the licensing regime, introduced last November, sports betting operators are essentially subject to a 13% tax on gaming revenue, with 10% going to the government, 2% to sporting bodies and 1% to responsible gambling initiatives.
The NBA also drew up a black list of around 2,000 operator to be blocked from Cypriot users.