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Learn more about Cyprus gaming regulations.
Top Cyprus licensed Online Casinos
In Cyprus, the Lotteries and Other Gaming Act dictates many of the laws and regulations that govern online casinos located in Cyprus. The regulations for gaming in Cyprus are fairly strict and the Lotteries and Other Gaming Act has established a regulatory authority that is tasked with regulating casinos in Cyprus. In addition, the authority needs to ensure that gaming operators meet the requirements of their licenses.
The authority also ensures that casinos are complying with licensing conditions and that there are no criminal activities taking place in gambling operations. The Remote Gaming Regulations which are outlined in the Lotteries and Other Games Act regulates online casinos and online gaming activities. A valid license is required by online casino operators that are based out of Cyprus. These operators are required to submit to background checks, demonstrate solvency, show a history of reputable business practices and ensure payouts to players.
There are several types of gaming licenses available in Cyprus including a Class 1 which is for operating games based on repetition such as slots and table games. In order to get this license the operator has to use a random number generator approved by the LGA. With a Class 2 remote gaming license, casino operators can host single gambling events like sports betting which includes certain types of fixed odds and pool betting.
A Class 3 remote gaming license is used for player to player games that do not involve risk to the operator and are based on a rake or commission. A Class 4 license is provided to software vendors and remote gaming hosts that have any other type of gaming license.
Cyprus licensed Online Casinos
Would you like to learn more? Visit the following link for more details and information: mof.gov.cy.