Russian Gaming Week Interviews Leonid Borodin from Prospectacy
Russian Gaming Week 2016 will take place on the 27th October, and to prepare for the country's biggest gaming show, RGW has interviewed licensing consultant and expert, Leonid Borodin.
In the summer of 2016, the National Betting Authority (NBA) of Cyprus has announced call for bids for online betting license acquisition for early October. The RGW Sochi media office discussed this issue with Leonid Borodin, gambling licensing consultant of Prospectacy LTD.
RGW: Leonid, tell us why the issue of online bookmakers licensing in Cyprus was raised only this year, while gambling was legalized here in 2012?
L.B.: In early decade of 2010, Cyprus faced economic crisis peak. As a result, the island’s authorities didn’t have resources to focus on such niche initiatives as online betting regulation.
RGW: What difficulties can be faced by bookmakers aiming to operate online business in Cyprus while obtaining the license?
L.B: A key difficulty while obtaining the license can be insufficient readiness of operators. The Cyprus regulator clearly signalizes that it is interested in issuing licenses only to quite large, financially reliable bookmakers. Both capital requirements and the procedure show that it will be too difficult for a startup or company with few assets to obtain Cyprus license.
RGW: Do you think that Russia requires the establishment of special licensing conditions for online bookmakers?
L.B.: It certainly does. It is commonly known that Russia is the enormous betting market. Thus, it does require higher entry conditions. But in comparison with other jurisdictions, current requirements create the impression of decided preference for the largest operators. And some points regarding betting via means of communication need united actions of companies that are competitors according to all market laws.
Russian Gaming Week 2016 will include other famous speakers, who will tell visitors all about gambling operator licensing issues in new Gorki Gorod gambling zone, as well as about online betting and gambling industry development in the Russian Federation and other countries.
You can buy a ticket to the event here