The regulator overturned its previous decision not to renew the operator’s licence due to broader concerns over its ownership and suspected links to criminal activity.

Key Points

The Cypriot National Betting Authority reinstated BookieCo’s licence, reversing its earlier non-renewal

The operator’s previous owner has been linked to organised crime investigations

The regulator approved a new application after the owner stepped away from management
 

The Cypriot National Betting Authority has reinstated BookieCo Betting Stores licence, reversing an earlier decision not to renew it amid wider concerns about its ownership and alleged criminal ties.

Lazaros Philippou, the operator's alleged owner, has featured in a number of recent investigations linked to organised crime in Larnaca.

Court proceedings have linked him to alleged interference in a shooting case outside the Larnaca police headquarters, as well as to a broader criminal syndicate.

While the regulator did not explicitly connect the licence refusal to the ongoing criminal investigations, the timing followed Philippou's arrest and three-day remand in January.

After examining a new licence application by the operator, the regulator approved its resumption of operations.

Speaking to the local media, officials clarified that Philippou “is now neither a director, a shareholder, nor indeed a secretary of the company.”

The reversal follows earlier comments by Justice Minister Costas Fitiris, who called the suspension of licences related to suspected criminal activity a key tool in combating organised crime.

During an interview on local television in February, Fitiris expressed that he was unaware of the exact reasons for the national betting authority's decision not to renew BookieCo's licence.

However, he suggested that this decision was "very likely" related to developments concerning the company's owner.

According to the Betting Law of 2019, regulators have broad discretion to deny or revoke licences if concerns arise regarding the suitability of individuals associated with a company.

The National Betting Authority said it remains available to address any complaints or disputes involving the operator.

 

 

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