Online Gambling License Cyprus
Curacao is one of the island that make up the Dutch Caribbean
(formerly known as the Netherlands Antilles). It’s one of the
oldest running online gambling regulators and as such is a
fairly well-known e-gaming regulator.
Any casino that displays the Curacao eGaming license on its
website has been through the initial investigation process and
is regularly audited by Curacao authorities.
Advantages of a Curacao eGaming License
The online gaming application must be followed by a bank guarantee of 550,000 Euros with an expiry date, generally six months after getting the license. Besides, the application should come with information and evidence that show that there is a need to establish a backup server in Cyprus. With regards to taxation the licensed entity/person must pay on an annual basis a betting tax to the Republic of Cyprus and a contribution to the NBA. A 10% betting tax on the net revenue is payable to the Republic of Cyprus and a 3% of the net revenue is payable as contribution to.
Online Gambling License Cyprus Application
Many gambling operators have chosen to make Curacao their
home due to its favorable tax laws and relatively quick and
inexpensive licensing procedure. Curacao charges a tax of just
2% on net profits and does not put up massive barriers to entry
for potential operators. If you have the cash and a legitimate
casino, you’ll probably be approved.
The fees for a “master” gambling license in Curacao include a
60,000 ANG (or about $34,000) setup fee and then 10,000 ANG
(about $5,600) per month for the first two years. After that,
the operator can negotiate with the government of Curacao for
fees going forward.
Master license holders are allowed to grant sub-licenses to
anyone. A sub-license comes with all the benefits of a master
license other than being able to lease out sub-licenses.
However, the master license holder is responsible for all
activities of all sub-license holders.
There are a number of master license holders that offer
packages to new entrants in the gambling market. They offer
complete solutions including a sub-license, business license,
hosting and other services for a fee that is often cheaper for
new entrants than trying to do it all alone.
Curacao is also attractive for the simplicity of its gambling
laws. Only one license is needed for any type of gambling
operation. It doesn’t matter if you run a casino, a sportsbook,
or a website that does it all; one license is all that’s needed.
The process for getting a license in Curacao is significantly
easier than dealing with the UK Gambling Commission or most
other licensing agencies in which there are multiple types of
licenses, fees that go into the hundreds of thousands of dollars,
and application processes so complicated that lawyers must be
hired.
In addition to licensing and regulation, Curacao eGaming
provides technical and financial support for the online gambling
industry. Some of these services include dedicated services,
private cloud servers, international finance, and help with other
matters related to running an online casino.
Disadvantages
The greatest disadvantage of a license from Curacao is that
it doesn’t have much meaning. Just about anyone serious about
starting a gambling site can afford the fees and make it through
the initial investigation. As long as you have the cash and a
fair casino, you’re pretty much in.
Players are well aware that the licensing standards in places
like Curacao don’t mean much compared to licenses from other,
more discerning jurisdictions. Casinos licensed by Curacao have
suddenly gone rogue, stolen money, and disappeared. Curacao doesn’t intervene in disputes between players and operators. From
the player’s point of view, a license from Curacao is
meaningless.
Of course, there are plenty of safe and respectable gambling
sites licensed in Curacao. It’s a safe, legal place to establish
an online casino. However, casinos located in Curacao must build
their own reputations the old-fashioned way. A license from
Curacao isn’t the quick ticket to trust.
If you do run into any trouble with their licensing or have
any specific questions that aren’t answered here you can contact
them any time. They make it pretty easy to get in touch with
them through phone or email. Also for more information on what
they are all about you can visit their website as well. All of
their information is below:
- Website:
http://www.curacao-egaming.com/ - E-Mail:[email protected]
- Phone: +5999 465 1134
Top rated casinos regulated by Cyprus
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Overview
With a very low profile as a regulator, there’s very little information on how the Cypriot government handle players complaints against online casinos regulated in their jurisdiction. Alongside this there’s a substantive lack of information on how to submit a complaint against a casino licensed in Cyprus on the Cypriot government website.
What we can say can be drawn by looking at the casinos that Cyprus licenses. The first point of note would be the relatively low uptake of license. This could be down to uncompetitive tax rates, but it is notable that none of the big gambling names hold their license in Cyprus. Alongside this it should be noted that Cyprus does license players that accept players from the United States of America. In general, given the legal issues facing casinos that accept US players, most top end regulators will not allow their licensees to accept US players. In other words this doesn’t speak well to the standards held by Cyprus.
Next Cyprus Online
Given the above we would assume a Cypriot license to offer players more protection than the likes of Costa Rica, but far less than any of the better known regulators.
H&m Cyprus Online
Contact Details;
Website – http://www.mof.gov.cy/mof/mof.nsf/index_en/index_en?OpenDocument
Telephone – +357 22602723
Address – Michael Karaoli & Gregori Afxentiou
1439 Nicosia
Cyprus