Cyprus Implements iGaming License Revocation Strategy for Criminal Ties

Cyprus Minister of Justice Costas Fytiris has officially confirmed that the state intends to use the suspension and non-renewal of gambling licenses as a strategic tool to combat organized crime. Regulators are shifting from formal oversight to rigorous “fit and proper” testing of business owners.

The BookieCo Precedent

The first major company to be affected by these measures is the betting operator BookieCo. The National Betting Authority (NBA) refused to renew the operator’s license, leading to the immediate cessation of its activities across the island.

• Expiration Date: The Class A license for the “BookieCo” brand expired on February 9, 2026.
• Legal Status: As of February 10, 2026, the company and its authorized agents are prohibited from providing betting services in the Republic of Cyprus.

Criminal Context and the Investigation

The regulator’s decision is tied to the owner of the company, Lazaros Philippou, a businessman from Larnaca who is currently in custody. A massive investigation into him and his circle includes:

• Suspicions of Serious Crimes: Involvement in organizing a shooting in central Larnaca and interference in judicial processes.
• Evidence of Violence: Police seized video recordings from an illegal casino in the Pyla area, reportedly showing acts of torture and ill-treatment.
• History of Attacks: In July 2025, Philippou himself was the target of an assassination attempt when unidentified gunmen fired at him while he was cycling.

Legal Framework

Under the Betting Law of 2019, the Cyprus regulator has the authority to annul or refuse a license if the company’s shareholders or directors fail to meet the criteria of professional reliability and integrity.

Key Shift: A criminal investigation into management is now considered sufficient grounds for closing a business, even prior to a formal court conviction. This reflects a broader pivot by Justice Minister Costas Fytiris to dismantle the financial lifelines of organized crime networks.

Sources: Phileleftheros (Cyprus), Cyprus Mail.