Gambling licenses will be available from 3rd of October

The Cyprus authorities have announced the issue of the gambling licenses for the online betting companies, which will be released next month.

According to the Regulatory authority, the price of the license will be 30,000 Euros for one year or 45,000 Euros for 2 years.

Companies, which have acquired the licenses will also have to pay the tax on the overall turnover and also pay the commission of 3% to the Regulatory authority.

Moreover, the licensees must have at least 500,000 Euros of bank guarantees and also possess additional 500,000 Euros as the operational capital.

The licenses will be available from the 3^rd of October.