In the summer of 2016, the National Betting Authority (NBA) of Cyprus has announced call for bids for online betting license acquisition for early October. RGW Sochi media office discussed this issue with Leonid Borodin, gambling licensing consultant of Prospectacy LTD.
Interviewer: Russian Gaming Week Sochi (RGW)
Expert: Leonid Borodin (L.B.)
RGW: Leonid, tell us why the issue of online bookmakers licensing in Cyprus was raised only this year, while gambling was legalized here in 2012?
L.B.: In early decade of 2010, Cyprus faced economic crisis peak. As a result, the island’s authorities didn’t have resources to focus on such niche initiatives as online betting regulation.
RGW: What difficulties can be faced by bookmakers aiming to operate online business in Cyprus while obtaining the license?
L.B: A key difficulty while obtaining the license can be insufficient readiness of operators. The Cyprus regulator clearly signalizes that it is interested in issuing licenses only to quite large, financially reliable bookmakers. Both capital requirements and the procedure show that it will be too difficult for a startup or company with few assets to obtain Cyprus license.
RGW: Do you think that Russia requires the establishment of special licensing conditions for online bookmakers?
L.B.: It certainly does. It is commonly known that Russia is the enormous betting market. Thus, it does require higher entry conditions. But in comparison with other jurisdictions, current requirements create the impression of decided preference for the largest operators. And some points regarding betting via means of communication need united actions of companies that are competitors according to all market laws.
We recall that on 27 October Sochi will host the industry event dedicated to gambling development issues in Russia and the whole world – RGW Sochi.
Within the conference, famous speakers will tell about gambling operator licensing issues in new Gorki Gorod gambling zone, as well as about online betting and gambling industry development in the Russian Federation and other countries.
You can buy a ticket to the event here: https://goo.gl/2ySVnm
