Revoking Bookmakers’ Licenses Has Become a Tool to Combat Crime in Cyprus

^{Pictured: Kostas Fitiris, Cyprus’ Minister of Justice}

In Cyprus, the revocation of bookmakers’ licenses is being treated as a tool in the fight against organized crime, Justice Minister Kostas Fitiris said, according to Cyprus Mail.

The minister was responding to developments surrounding betting operator BookieCo. The local gambling regulator previously announced that the company’s license had expired and would not be renewed. As of this week, the bookmaker is prohibited from accepting bets.

BookieCo is owned by Larnaca-based businessman Lazaros Philippou. The decision not to renew the license coincided with his arrest and detention in connection with an investigation into a shooting in central Larnaca, as well as a separate case involving alleged interference with the administration of justice.

Philippou is also mentioned in investigative materials related to organized crime in the region.

The justice minister stressed that denying or revoking licenses of companies linked to criminal activity is a “key instrument” in the state’s response to organized crime.

He said he did not have information on the specific grounds for the decision concerning BookieCo but described it as “highly likely” that it was connected to recent developments involving the company’s owner.

Under Cyprus’ Betting Law of 2019, the regulator may refuse to grant or renew a license if it determines that a company’s management or shareholders do not meet the requirement of being “fit and proper.”

Earlier, Gambling Park reported on arson attacks in Cyprus that damaged a wine shop reportedly owned by Pin-Up online casino owner Dmitry Punin.