Cyprus Gambling & Gaming Payment Gateway


Cyprus Gambling & Gaming Payment Gateway

Cyprus is a relatively newcomer to the online gaming scene. The eastern Mediterranean island only legalised internet gambling in 2016, and licences are only available for sports gambling (online casinos and games of chance are still illegal). Nonetheless, Online sports gambling has become popular in Cyprus and appears to have a promising future.

Cyprus's online gambling statistics

For online gambling companies wanting to expand their market share, Cyprus is a popular choice. Our analysis of Cyprus's online gaming statistics provides a picture of a vibrant business.

Cyprus's gaming market size

" In 2020, the online handle for sports gambling firms in Cyprus was 65.3 million euro, with 6.6 million euro in income. This was much lower than in 2019, when the handle was 129.2 million euro and revenue was 10.15 million euro. "

Despite the fact that handling was much lower during the coronavirus epidemic, income was greater than in previous years as a percentage of handle.

In the long run, since this activity was legalised in 2016, the average profit margin of online gambling operators in Cyprus has been around 7%.

" The average online sports gambling business in Cyprus has 536.7 million euro in handling and 70.3 million euro in gross revenue. "

If you're considering starting an online gaming business in Cyprus, it's important to analyse the local market. Other than acquiring a payment gateway for your gambling business is also important.

Gambling Merchant Accounts ensure that payment transactions for gambling businesses or merchants are flexible and convenient, allowing the company to flourish. Merchant accounts enable commercial transactions by providing businesses with an effective payment gateway that allows them to adapt to their changing business needs.

Businesses also want them to stabilise and optimise payment transactions while also making them safe so that no third parties are involved. The gambling is a high-risk business that provides consumers with gaming and gambling services.

Functionality of the Gambling Merchant Account

Payment Gateway in Cyprus - WebPays

Apart from adding various capabilities, it also allows you to take a variety of payment methods, which will result in a significant increase in sales volume for a long period.

Another advantage of having a merchant account is better integration. When you add a merchant account to your system, it drives the smoothness and flexibility of the entire system. Because businesses do not want an inefficient system that is hesitant to do their desired task and performs poorly. You don't want your payment gateway to take an excessive amount of time to integrate with your system.

Obtaining a merchant account can help firms increase their high volume of sales. Aside from that, you'll have access to further tools that will assist you in becoming a viable internet merchant.

However, several security features have been incorporated to make it a complete package for you. It also allows you to expand your business more quickly, and these extra features are critical in selecting the best decision.

Certainly, you will not be required to pay any further fees because you have already paid for the entire package of services.

What is the procedure for obtaining a Gambling Merchant Account?

It is not easy to run a business. Businesses must address obstacles in order to improve their prospects. A gambling Merchant Account is required to give superior elements of the business.

  • Certain documents, such as your driver's licence, must accompany you.
  • A government-issued ID card, such as a voter ID card or a driver's licence.
  • A bank letter or a cheque that has already been printed
  • 3 months' worth of bank statements and 3 months' worth of processing statements
  • Employer Identification Number or Social Security Number
  • Chargebacks must be no more than 2%.
  • Merchants must also maintain an internet presence. Approval for a merchant account may take 5 to 7 business days.
Payment Gateway in Cyprus - WebPays

When it comes to online gaming, look for WebPays. WebPays can easily provide an Online Gaming Merchant Account to any online gaming company. We may provide you with a merchant account to expedite your transactions. You may expect the best transaction in your business with our solutions.

Additionally, for exclusive business, you may seek services such as credit card processing, ACH payment processing solution, PCI-DSS solution, API integrated tools, secure payment gateway procedures, and more.

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