THE regulation of online betting, along with the other measures relating to the betting industry, will create new significant prospects for the economy, Finance Minister Harris Georgiades said on Thursday, as the National Betting Authority (NBA) gears up to license online gaming companies, according to the Cyprus News Agency.
“By opening and regulating online betting and the rest of the steps undertaken (by the government) in the betting industry, we create new significant prospects for the economy,” Georgiades said during an event presenting the NBA’s strategic planning.
He said the government’s five-pronged strategy covers the operation of an integrated casino resort, the licensing of VLT (Video Lottery Terminal) gaming machines in the context of the casino license, the concession for the operation of the state lottery to a private investor, the regulation of betting games offered by Greek OPAP via legislation rather than through a bilateral agreement with Greece, and the licensing of online betting firms.
“Licensing will create the conditions for new jobs and the opening of new (foreign) firms with a physical presence to Cyprus, new jobs for specialised staff, as well as for more effective control, combating tax evasion and a new significant and steady flow of public revenue,” Georgiades said.
The NBA recently announced it will receive applications for the licensing of online betting firms. It will begin accepting applications for a month, starting on October 3.