The entity responsible for managing and governing all gambling activities within Cyprus was the National Gaming Authority. It was the licensor that provided all licenses that were available and could be obtained by any willing applicants.
In 2012 the NGA banned all online gaming activities except the fixed odds one. After 3 years there are news that in August 2015 a casino resort is going to be opened.
With the support of the government of Cyprus the National Gambling and Casino Regulatory Authority is to be established.
The NGCRA will be the sole provider of licenses and controlling of the gambling activities undertaken within the jurisdiction of Cyprus, including both online and land casinos.
Focus of the authority’s activities is the financial matters of the licensees. The regulator wants to ensure that the casinos which are regulated by them have no connection whatsoever with some sort of criminal activities.
The licensed entities are governed by the Regulator’s code of conduct of gambling activities. Failure to deliver the expected and requested objectives results in banning the casino and revoking the license.
Gambling in Cyprus
Prohibition of all sorts of gambling within the EU part of Cyprus resulted in decrease in some of the gambling tourism and people started going to the Turkish part of Cyprus. The thirst for gambling grew larger and eventually the bubble had to blow up.
That was the key reason why reforms were necessary. Eventually gambling will once again become popular in Cyprus and the government will support it, but will regulate it with a close attention.