Sports groups would benefit
As Cyprus plans to host its first-ever integrated casino resort, the country also is seeking to modernize its national gaming framework, according to SBC News.
Led by the National Betting Authority, the government says the proposed new framework provides a level playing field for operators joining its market.
“The draft law also provides for the strict regulation, control and supervision of the operation of betting shops used for the provision of gambling services, as well as for the strict regulation of the organization, operation and provision of gambling services,” the government stated.
Under the proposed framework, licensed bookmakers would pay a tax of 10 percent on net revenue generated from services and an additional 1 percent tax on net revenue to support responsible gambling initiatives. Cyprus also seeks to implement a 2 percent tax to support sporting organizations in the country, SBC reported.
