OPAP Q3 bounce back hurt by continued lottery declines

Cyprus government reviews OPAP monopoly arrangement

Seeking to prepare its market for future regulations, the National Betting Authority of Cyprus (EAS) has begun its crackdown on online gambling sites deemed to be targeting national consumers.

The actions of the authority have been granted by the Cypriot Finance Committee with a view of creating fair market conditions for sports betting operators seeking a Cyprus license application.

The Cyprus Mail reports that some 2,500 online domains have been deemed to be serving Cypriot consumers with unlicensed online betting/gambling services.

This October the EAS opened its licensing process allowing international operators to apply for Cypriot online betting provisions. The authority has warned all interested parties that all wagering from Cypriot accounts must be stopped in order to comply with its licensing application process.

Seeking to regulate its market, the Cypriot government are further reviewing its relationship with Greek gambling operator OPAP, which was granted an effective monopoly over other online betting products under the 2012 legislation.

OPAP has operated its services in Cyprus since 1969, under its monopoly arrangement the Greek operator further services the Cypriot National Lottery.

However, the OPAP partnership has come under pressure following revelations this year that the Cypriot government were losing circa €1 million a month under the existing deal.

It has been reported that the Cypriot government want to OPAP to double its yearly fixed contribution to €20 million with a further 20% tax on lottery gross profits.

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