“By opening and regulating online betting and the rest steps undertaken (by the government) in the betting industry we create a new significant prospect for the economy,” Georgiades said addressing an event for the presentation of the NBA’s (Cyprus National Betting Authority) strategic planning.

He said the government promotes a five-pronged strategy covering the operation of an integrated casino resort, the licensing of VLT slot machines in the context of the casino license, the concession for the operation of the state lottery to a private investor, the regulation of the betting games offered by Greek OPAP through legislation and not 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 physical presence to Cyprus, new jobs for specialised staff as well as for a more effective control, combating tax evasion and a new significant and steady flow of public revenue,” he said, adding that betting activity in general could consist an additional source of growth, jobs and boost to public revenue.

On her part Ionana Fiakkou, President of the Authority also said regulating online betting would constitute a flow of revenue for the state.

The Authority has recently announced it will receive applications for the licensing of online betting firms. She said the NBA will begin accepting applications on October 3 for a month whereas in November will publish a list of companies to be blocked because they have not applied for a license.

She also said the Authority will undergo a restructuring on the basis of a study to be carried out by a private consulting firm.

Source: InCyprus