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Cyprus Urged To Establish Comprehensive Regulatory Framework For Online Casinos

by THEFUTURE.TEAM

October 16, 2025

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.

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Eurostat Report Signals Modest Contraction In European Services Production

Overview Of Recent Sectoral Trends

New data released by Eurostat showed seasonally adjusted services production declining by 0.3% in both the euro area and the wider European Union during February. The decline followed stronger performance in January, when services production increased 1.0% in the euro area and 0.4% across the EU. Despite the monthly slowdown, annual figures remained positive, with services production rising 1.4% year-on-year in the euro area and 1.3% across the EU.

Sector-Specific Performance

Within the euro area, transportation and storage activities recorded a modest monthly increase of 0.2%, while accommodation and food services declined 0.6% and real estate activities fell 0.4%. Information and communication services experienced the sharpest monthly contraction, dropping 2.0%. At the same time, professional, scientific and technical activities increased 0.5%, while administrative and support services remained broadly stable.

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A similar trend emerged across the EU, although transportation and storage services declined 0.3%. Meanwhile, professional and scientific activities recorded a stronger monthly growth of 1.0%, while administrative and support services posted a slight increase of 0.1%.

Member State Dynamics

Performance varied significantly between member states during the month. Estonia recorded the steepest monthly decline at 16.3%, followed by Luxembourg at 9.5% and Denmark at 3.0%. By contrast, Bulgaria posted the strongest monthly increase at 4.6%, while Hungary and Poland recorded gains of 3.7% and 1.4% respectively.

Year-On-Year Performance And Sectoral Leadership

From an annual perspective, information and communication services remained one of the strongest-performing sectors, increasing 4.0% in the euro area. Professional, scientific and technical activities also recorded solid annual growth, rising 2.3% in the euro area and 3.0% across the EU. Accommodation and food services remained the only major sector to post an annual decline, falling 0.8% in the euro area. At the national level, Hungary led annual growth with an increase of 7.6%, while Bulgaria and Slovenia each recorded growth of 6.3%. Meanwhile, Romania experienced the steepest annual contraction at 5.3%, with Denmark and Lithuania also reporting declines compared with the previous year.