Русский iGaming Industry in Cyprus: The Land of Opportunity
Cyprus has two iGaming stories. The first is a small domestic market where only sports betting can be offered online. The second is an international cluster of operators, platform providers, payment firms and studios that build products for players in other countries. This guide covers the iGaming industry and companies in Cyprus from both sides. It looks at the numbers, who is here and why so many businesses choose the island as a base.
For operators, this matters because the suppliers behind a launch often sit on the island rather than in the licensing country. NuxGame builds its sportsbook software in Limassol, so the figures below come with a view from the inside. Market data comes from the National Betting Authority (NBA), and tax figures reflect the reform that took effect on January 1, 2026.
Key takeaways
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Regulated betting stakes hit €1.33 billion in 2025, up 8%.
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Online bookmakers took 76% of all stakes in Q4 2025.
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Corporate tax is now 15%, still among the lowest in the EU.
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The IP box cuts tax on software income to an effective 3%.
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Limassol is the main iGaming hub, with Nicosia second.
Growth of iGaming in Cyprus: The Market in Numbers
Regulated betting on the island keeps growing, driven by online channels. NBA figures reported in May put total stakes at €1.33 billion for 2025, against €1.22 billion in 2024. Gross gaming revenue (GGR), the amount operators keep after paying out winnings, was €161.8 million for the year.
The last quarter of 2025 shows where the market is heading. Stakes reached €395.5 million, 22% more than a year earlier. Online bookmakers accounted for €301.5 million and grew 27%, while betting shops added €94.1 million and grew 9%. Online sports betting now leads the local market, and retail is the smaller channel.
The longer trend is steeper. The gambling sector passed €1 billion in revenue in 2023, about $1.1 billion, a 79% increase over 2020. Betting then accounted for 3.72% of GDP and employed more than 1,700 people. In the first quarter of 2026, players staked €360.07 million, operators retained €45.88 million and 13 licensed online bookmakers were active.
| Metric | Full year 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|
| Total stakes | €1.33bn (+8%) | €395.5m (+22% YoY) | €360.07m |
| Online stakes | — | €301.5m (+27% YoY) | — |
| Retail stakes | — | €94.1m (+9% YoY) | — |
| GGR | €161.8m | — | €45.88m |
Land-based gaming runs on a separate track. City of Dreams Mediterranean, operated by Melco Resorts, opened in July 2023 as Europe’s first integrated resort. Its concession also covers three satellite casinos in Nicosia, Ayia Napa and Paphos. The Cyprus Gaming and Casino Supervision Commission oversees these venues, while the NBA covers all betting, land-based and online.
What Operators Can Offer Cypriot Players
For local players, the only legal online product is sports betting. Casino games, slots and poker are prohibited, and the regulator blocks unlicensed sites. Rules, costs and technical requirements are covered in our Cyprus gambling license guide.
Why iGaming Companies Operate from Cyprus
Most iGaming firms on the island do not serve local players. They build platforms, run payments, manage CRM and buy traffic for other countries, so the domestic market is secondary. What matters is a business-friendly environment, the tax treatment of software, reliable digital infrastructure and access to people who already know the industry.
Corporate Tax After the 2026 Reform
The standard corporate tax rate rose from 12.5% to 15% on January 1, 2026, in line with the global minimum under Pillar Two. Even so, it remains among the lowest in the European Union. Dividends, interest and most royalties paid abroad carry no withholding tax, except payments to EU-blacklisted jurisdictions. Companies funded with new equity can also claim a notional interest deduction, capped at 80% of the taxable profit that equity finances.
The IP Box Regime: Technical Requirements for iGaming Software Assets
For an iGaming platform provider, the IP box matters more than the headline rate. Cyprus allows a notional deduction of 80% of profits from qualifying IP, and copyrighted software is on the list. With corporate tax at 15%, the effective rate on that income drops to 3%, which lifts profitability for product-led companies. Marketing IP, such as trademarks, is excluded.
The deduction is scaled by a nexus fraction. The more development the local company performs itself, or outsources to unrelated parties, the larger the share of profit that qualifies. Development bought from group companies and acquired IP shrink that share. The IP box is therefore an engineering and accounting question as much as a tax one.
In practice, a software asset needs the following to qualify:
- Ownership. The local entity holds legal or economic title to the code’s copyright, backed by employment and contractor agreements.
- Cost tracking per asset. R&D spend is booked against each platform, module or game engine, so the nexus fraction can be calculated for each one.
- Development evidence. Repository history, time tracking and team location show where the work actually happens.
- Separation from brand IP. Trademarks, domains and marketing assets are kept in their own ledgers because they do not qualify.
- Revenue mapping. License fees, royalties and IP income embedded in platform services are traced to the asset that earns them.
- Transfer pricing. Intra-group platform licenses are set and documented at arm’s length.
A platform structured this way from its first release is far easier to defend than one restructured after launch.
Double Tax Treaties and Access to European Markets
Cyprus has signed double tax treaties with more than 65 countries and applies the relevant EU directives. Combined with no withholding tax on outbound payments, the treaty network lets a group move profit between its island hub and other entities with little leakage. The island sits at the crossroads of Europe, Asia and the Middle East, one hour ahead of Berlin and two ahead of London. Teams can overlap with European, Gulf and African business hours from one office.
Personal Tax Incentives for Incoming Teams
Employees who take their first job in Cyprus with pay above €55,000 can exempt 50% of their salary from income tax for up to 17 years. Non-domiciled residents pay no Special Defence Contribution on dividends and interest for the same period, and the latest reform added a paid option to extend that status. The first €22,000 of income is now exempt, and qualifying share options carry a flat 8% rate. For companies hiring top-tier engineers, these rules can decide whether a relocation offer is accepted.
Why Companies Are Moving from Malta to Cyprus
Malta remains Europe’s leading iGaming jurisdiction, and an MGA license covers casino products that Cyprus does not allow. Many groups therefore stay regulated there and run technology, marketing and payments teams elsewhere. Advisors and recruiters report a steady shift of those teams to Cyprus, driven by rising operational costs, a tight labor market and the IP box. The move rarely means closing the Maltese entity: the permit stays, while the people and the code relocate.
iGaming Companies in Cyprus by Segment
The local cluster covers every layer of the stack. The table groups companies with a documented presence on the island by what they do. It is a snapshot from public sources, not a ranking or a complete list.
| Segment | Companies |
|---|---|
| Operator groups | Parimatch (headquarters) |
| Platform and software providers | NuxGame, GR8 Tech, Soft2Bet, SoftGamings, Betsolutions, Campeon Gaming Partner |
| Technology and product development | BrainRocket, DreamPlay |
| BrainRocket, DreamPlay | Betbazar |
| Payments and fintech | BridgerPay, Xace |
| Management and services | PM Group |
| Land-based casino | City of Dreams Mediterranean (Melco Resorts) |
| Adjacent game development | Playrix, MY.GAMES, Nexters, Wargaming |
Technology suppliers form the core of the cluster. Platform providers and content distributors employ a large share of the island’s engineers and product specialists. Their clients hold licenses in Malta, Curaçao and other jurisdictions. Operator groups follow a similar model: headquarters, CRM, affiliate and VIP teams work locally, while the brands they run serve players abroad.
Think of Cyprus as the engine room rather than the shop window. Players rarely see it, yet this is where platforms are built, payments are routed and compliance is wired in. For an operator, choosing partners here means problems get solved in one time zone, often on one street, before customers ever notice them.
Denis Kosinsky
Chief Product Officer, NuxGame
Where the Industry Clusters: Limassol, Nicosia and Larnaca
Limassol is the main hub for iGaming in Cyprus. Most of the operators, platform providers and payment firms listed above work from the city, and the adjacent game development cluster draws on the same talent pool. International schools, available office space and a large expat community make it the default choice for relocating teams. The trade-off is higher rents than elsewhere on the island.
Nicosia is the second center. The capital hosts platform providers such as SoftGamings, Betsolutions and Campeon Gaming Partner, along with government bodies, banks and law firms. Living costs are lower than on the coast.
Larnaca and Paphos matter for logistics, since both have international airports. Larnaca sits within an hour’s drive of both main hubs, which suits companies that want lower costs without losing access to either city.
iGaming Jobs and Tech Talent in Cyprus
Hiring is the main constraint for local iGaming employers. At the time of writing, Cyprus Work listed 102 iGaming vacancies in Limassol alone, and LinkedIn showed around 150 across the island. Operators, platform providers and fintech firms compete for the same specialists in compliance, product, CRM, payments, data and sportsbook trading. Recruiters describe the talent pool as strong but thin in niche roles, so senior hires often come through relocation.
Salary ranges below come from current figures published by the Cyprus job portal Evresio. They are gross monthly amounts and vary by company size.
| Role | Monthly gross range |
|---|---|
| Senior software developer | €4,500–€6,500 |
| DevOps or cloud engineer | €3,200–€6,500 |
| Data scientist | €3,500–€6,000 |
| Product manager | €3,200–€5,000 |
| CRM manager | €2,500–€4,000 |
| Gaming compliance officer | €2,200–€4,000 |
| Fraud and risk analyst | €1,800–€3,200 |
| Multilingual customer support | €1,300–€1,900 |
Demand is also growing for responsible gaming specialists and for fraud and payments analysts as regulation tightens. With local supply limited, recruitment depends on the tax incentives above and on how quickly a company can secure work permits for non-European staff.
Relocation Technical Checklist for Dev Hubs Moving to Limassol
- Entity and IP first. Set up the local company or branch and decide which entity owns the platform code before any repository moves. IP bought in later from a related party counts against the nexus fraction. NuxGame’s legal team handles registration and branch filing.
- Foreign-interest status. Register with the Business Facilitation Unit if third-country nationals hold more than 50% of the company, or a smaller stake worth at least €200,000. Registration removes the labor market test and quotas for non-EU hires, and permits usually take about a month.
- Permit route per employee. Highly skilled staff outside that route can use the EU Blue Card. Citizens of other member states only need a registration certificate.
- Tax check per offer. Confirm which hires qualify for the 50% exemption before contracts are signed. The €55,000 threshold applies to pay from the Cyprus employer.
- Data mapping. List every system that will handle player or employee data from the new hub and update GDPR records of processing before migration.
- Access and security. Set up SSO, VPN and repository permissions for the new entity and keep audit logs from day one. They also serve as IP box evidence.
- Banking. Open operating accounts early. Banks run full know-your-customer (KYC) checks on the company, its beneficial owners and its business model, and gaming files take longer.
Trends to Watch in 2026–2027
Online Keeps Taking Share
Online betting took about 76% of stakes in Q4 2025 and grew three times faster than retail. Suppliers with mobile-first sportsbook products are best placed to serve that shift.
Regulation: Supplier Oversight, Not Online Casino
The NBA is preparing a reform that would bring B2B suppliers under direct supervision, a first among EU member states. Draft bills to widen the online offering have sat in parliamentary committees for more than a year. With no enactment date set, legal online casino remains a prospect, not a plan. Our Cyprus license guide tracks the details.
The EU AML Package in July 2027
The Anti-Money Laundering Regulation 2024/1624 applies directly starting July 10, 2027. It gives gambling services their first common definition in European law. The accompanying directive, AMLD6 (Directive 2024/1640), must be transposed by the same date and covers national supervisors, financial intelligence units and beneficial ownership registers. The new supervisor, AMLA, has operated from Frankfurt since July 1, 2025.
For platform providers on the island, due diligence, ownership checks and suspicious transaction reporting need to be built into the product rather than added by each operator. Clients will ask about that AML and KYC tooling during procurement.
How NuxGame Supports iGaming Teams in Cyprus
NuxGame is a B2B iGaming software provider based in Limassol and active since 2018. For operators licensed locally, the relevant product is the sportsbook, with 210,000+ sports events, 3,000+ markets and an API for custom front ends.
Groups that use Cyprus as a hub for other markets can run the full iGaming stack on NuxGame’s turnkey platforms. It covers online casino and sportsbook products, game and betting APIs, content aggregation and anti-fraud tooling.
Setting up a team or a platform in Cyprus? Talk to NuxGame about the stack your market needs.
