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The country of Cyprus has announced that they will begin granting online sportsbetting licenses to gaming operators next month, setting up a heavy fee base that will generate revenues for the island.
The announcement was made by the Cyprus National Betting Authority, who revealed that the application fee for a license will be €30,000 for one year or €45,000 for two years. Companies using the license will have to pay a 10% tax on Gross Gaming Revenue as well as a regulator fee of 3%. Operators will also have to have €500,000 in bank guarantees as well as an extra €500,000 in capital. Licenses will be available starting from October 3rd.
Cyprus has long been an online gaming regulator, and has been popular for the fact that they don't require companies to have their headquarters on the island. This new licensing segment will require operators to have a mirror server within Cyprus' borders though, and all companies will also have to have a Cyprus domain extension.