OPAP has been announced as the exclusive gaming operator in Cyprus, following a new agreement with the country’s regulators.
The deal is set to last 15 years and builds on the strong footprint of OPAP in the region, where it has been since 1969.
Kamil Ziegler, Executive Chairman of OPAP, stated: “We are very pleased to have signed a new 15-year Concession Agreement with the Republic of Cyprus. As a group, we have been operating in Cyprus for 55 years now, offering popular games and appealing experiences to customers, supporting shared goals, and implementing impactful social initiatives. We remain committed to continuing on the same path.”
The concession is effective immediately, and comes off the back of the awarding of the relevant licence by the National Betting Authority of Cyprus. The NBA is now the regulatory body supervising the operations of OPAP Cyprus.
Furthermore, the consideration for the licence will be paid in 15 annual instalments, based on a specific mathematical formula, which will also reflect the annual performance of the games offered by OPAP Cyprus.
Safer gambling framework has also increased within Cyprus, after the country announced the launch of the National Self-Exclusion Platform (NSEP) as part of the country’s Safer Gambling Strategy 2022-2025.
Led by the NBA, the scheme will deliver added protection for customers of the rapidly growing Cypriot gambling market.
The main safeguard is allowing players to opt in for self-exclusion so that they can control their betting activity with all online operators that are currently under licence by the Republic of Cyprus.
When the self-exclusion is active, customers are only allowed to access their accounts to withdraw any deposits left, and are prevented from creating a new account with the same or another operator.
