Published
LotteryLegal & Regulatory

Cyprus Government reconsidering OPAP monopoly agreement

The

Cyprus
National Betting Authority (EAS) has begun its crackdown on some 2,500 unlicensed online betting/gambling services, deemed to be targeting national consumers.

The EAS told MPs that they are planning to block any websites that offer such games, as online casinos are forbidden in Cyprus.

The actions of the authority have been granted by the Cypriot Finance Committee, in the hope of creating fair market conditions for sports betting operators looking for a Cypriot license application.

The authority has warned all parties concerned that all wagering from Cypriot accounts must be stopped in order to comply with its licensing application process.

As part of the bill, the committee also reviewed the interstate agreement with Greece which gives betting giant OPAP a monopoly on lottery number games in Cyprus.

OPAP has operated its services in Cyprus since 1969. Nonetheless, the betting giant has come under scrutiny following revelations earlier this year that the government are losing around €1m per month.

Under the existing agreement, OPAP pays some €10m in taxes, but now the Cypriot government want OPAP to double its yearly fixed contribution, with an additional 20% tax on lottery gross profits.

Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Nederlandse Loterij
Relax Gaming
Hoiana Resort & Golf
Tipico
Follow Us

Facing Facts: Q1 2024 analysis from across the globe

Gambling Insider tracks the Q1 results of operators across t...

Taking Stock: A guide to sports betting operator and supplier prices

Gambling Insider tracks sports betting operator and supplier...

Tailor-made: The power of personalisation in the modern gaming industry

With insights from GR8 Tech, Greentube and the Oregon Lotter...

Sportradar and the Taiwan Sports Lottery: More offerings, greater efficiency

Danny Fok, VP of Strategic Projects at Sportradar, speaks al...