Calls For Regulatory Overhaul
The Cyprus Association of Internet Gaming (COGA) is advocating for the legalization and regulation of online casino operations. In light of the recent Safe Gaming Week, industry leaders and regulatory bodies alike are renewing the debate on establishing a modern legal framework, aimed at addressing both the challenges and risks posed by unregulated platforms.
A Necessary Evolution For Market Integrity
Founded in May 2025 and comprising prominent betting companies such as Stoiximan, Bet365, and Bet on Alfa, COGA emphasizes the urgency of developing a rigorous regulatory structure. Such a framework would not only legitimize the online casino sector but also ensure robust oversight that protects consumers and enhances market transparency. Drawing parallels with established regulatory practices across the European Union, the implementation of unified legislation could generate substantial tax revenues and foster an environment conducive to fair competition and responsible market conduct.
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Balancing Competitive Dynamics And Public Interest
With current legal provisions in Cyprus limited to online betting on sports events, the absence of regulation in the casino segment has paved the way for illicit operators to thrive. These unlicensed entities not only evade taxation but also contribute to a distorted competitive landscape, undermining legitimate businesses that adhere to strict oversight and fiscal obligations. In contrast, jurisdictions like Malta and Estonia have witnessed the regulated gaming industry contribute over 10% to their GDP, a stark reminder of the untapped economic potential in Cyprus.
Mitigating Fraud And Enhancing Consumer Protection
Industry experts also highlight the rising risk of fraud, noting that unregulated platforms are increasingly being used to launder money and deceive consumers. Reports from the Central Bank and MONEYVAL underline the need for tighter controls over payment providers, as suspicious transaction patterns continue to emerge from unlicensed operations. A clear legal framework will not only safeguard citizens against fraudulent schemes but also ensure the integrity of Cyprus’s financial system.
A Call To Action
Prominent voices in the sector, including Angelos Chondoulidis, President of COGA, and legal leads from Stoiximan and Bet365, stress that a well-defined licensing structure is imperative. Such a framework promises enhanced market credibility, encourages investment, and ultimately secures growth and job creation, benefiting the entire national economy.
