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Gambling Ban in Cyprus: OPAP Deal Renegotiation

29 Nov 2016

20130807204427opap_cyprusThe gambling stage is becoming every day more and more strict in the Republic of Cyprus and in general is about to change in many ways. According to sources the Cypriot government, the past few days the process of blocking of an estimated number of 2.500 unauthorized websites has begun, while the Cypriots are also on the final stages of the new regulated sports betting market launching. The government will be absolute in this deals and since October they have begun accepting applications for sports betting licenses.

What are the Next Steps?

On the other had, at the backstage it seems that OPAP and the Cypriot authorities are trying to renegotiate their business affair, since everything is about to change. And the reason for that is that under the terms of the existing deal, the Cypriot government has been losing 1 million euros per month. We should not forget that OPAP had the monopoly at Cyprus since 2012, while they have been operating in the country since 1963. What is going to be discussed, is a legislature that would make OPAP pay taxes at the rate of 24% on gross profit, but the minimum payment from the Greek operator would be an amount of 20 million euros.

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