Cyprus is getting closer to open the doors of the first legal casino in the Greek part of the country. After approving a new law in January 2026 which allows the creation of 1 casino resort plus 4 satellite casinos the next step is the competition for granding the license this month. But how long does it take until we can really place a legal bet in Cyprus?
New gaming law
In January the government approved a new bill which gives companies the chance to apply for a license to run a casino resort in the Greek part of the country. The license will be valid for 30 years and has an exclusivity agreement for 15 years. The operator is requested to pay a tax rate of 15% on the gross revenues.
The casino will gain many tourists from all over the world who have another reason to visit the island next to the sun and nice beaches. In many countries casinos are a perfect tool to promote the country and get new kind of tourists to the country. This target group are people with money and who like to spent it. In a country which is recovering from a crisis these are the people who the government like to see on the island.
According to the Integrated Casino resort Policy Outline the new casino project can give the government earnings of €2.5 million for the first 4 years and €5 million for the following 4 years. The government will set up a regulation authority which will be responsible for the regulation, implementation of the law and the collection of the income.
Who will get the license?
President Nicos Anastasiades announced on the 9th of January that there will be a competition in the week of 21st of January for the licensing of an integrated casino resort. About 15 companies and developers applied for the license in the last months including the world famous Caesars Entertainment and MGM Resorts who own several casino establishments in Las Vegas and Macau.
All applications were analyzed by the Cyprus Authorities who will create a shortlist of the three most attractive proposals and will enter in the final competition.
Only one company will get a license and will have all the rights to operate 1 casino resort and 4 satellite casinos over the island
When can you place your first bet?
The construction of the casinos will start immediately once it has been decided which company will receive the license for the period of 30 years. It's expected that the first casino will be fully operational by 2026. Cypriot players will need to secure a special permit after their tax file is checked and there will no credit given to players.
What can we expect from the casinos
The companies who brought in proposals have big plans and are motivated to build one of the biggest casino resort in the world. It's expected that the casino will have more than 100 gaming tables and 1000 slot machines. In addition there will be 4 satellite casinos in other cities over Cyprus which are only allowed to have maximum 50 slot machines and not table games.
The casino will be open 24 hours a day and 7 days a week. This means the need for many employees which is a welcome development with such high unemployment rates in the country.
For the next 2-3 years Cypriot citizens can only wait in patience and already save some money for their first days in the new casino. It will give Cyprus tourism a big push and some excitement times in a country where gambling is in the blood of the people.
