Cyprus is certainly the hotspot in Europe for high-risk payment processors and PayTechs working for financial service providers and online casino operators. Many unlicensed and Curacao-licensed Online casinos use companies registered in Cyprus as their payment processors. Therefore, it is consistent with concluding that a significant portion of the revenues of unlicensed or offshore-licensed online casinos ends up in Cyprus. We would like to know more about this.
Online Casino Payment Processors
| Online Casino | Operator | Payment Processor |
|---|---|---|
| GreatWin https://greatwin.com | Rabidi N.V. | Tilaros Limited Cyprus |
| Bet22 https://bet22.com | TechSolutions Group N.V. | TechSolutions (CY) Group Limited Cyprus |
| RichKing Casino https://richkingcasino.com | Not disclosed | PunRun Limited, Cyprus |
| Bet Swagger www.betswagger.com | Usoftgaming N.V. | Pulsion Processing Ltd, Cyprus |
| BillionVegas https://billionvegas.com | Safe Operations B.V. | PunRun Limited, Cyprus SML Safeoperations Limited, Cyprus |
| SOL Casino https://sol.casino | GALAKTIKA N.V. | Unionstar Limited, Cyprus |
| King Billy Casino www.kingbillycasino3.com | Dama N.V. | Friolion Limited, Cyprus |
| Ricky Casino www.rickycasino.com | Dama N.V. | Friolion Limited, Cyprus |
| Bet it All www.betitall.com | Momus2006 N.V. | MOMUS2006 LP, UK MOMUS2006 Ltd, Cyprus |
| iWild Casino https://iwildcasino.com | Altacore N.V. | Altaprime Limited, Cyprus |
| Kosmonaut Casino www.kosmonautcasino.com | Dama N.V. | Friolion Limited, Cyprus |
| Cashback Casino https://cashbackcasino.com | Dama N.V. | Friolion Limited, Cyprus |
| Lucky Dreams www.luckydreams.com | Dama N.V. | Friolion Limited, Cyprus |
| pledoo www.pledoo1.com | Momus2006 N.V. | MOMUS2006 Ltd, Cyprus |
| Hot.Bet https://hot.bet | Bellona N.V. | Arzella Limited, Cyprus |
| 22Bet https://22bet.com | TechSolutions Group N.V. | TechSolutions (CY) Group Limited, Cyprus |
| Bitdreams www.bitdreams.com | Hollycorn N.V | Libergos Limited, Cyprus |
A Short Narrative
It has become very difficult for offshore companies doing high-risk businesses such as online casinos. Payment service providers often block card payments from jurisdictions where a local license is required. Therefore, Ioanna Georgiou and Demetris Achilleos of Oxford Tax Solutions in Cyprus have already argued in a February 2021 article that a payment agent in Cyprus would be the ideal solution for high-risk offshore providers.
According to our research, all these companies are unregulated payment processors, some do not have a website, and some operate businesses in other areas.
Friolion Limited, for example, is a wholly-owned subsidiary of the Curacao registered Dama N.V., which operates several online casinos. It is therefore understandable that there is no separate website.
SML Safeoperations, the payment processor of BillionVegas, on the other hand, operates the DTLIGHTS website through which it sells lamps and lighting solutions.
Share Information
We would like to know more about the Cypriot payment processors that process payments for online casinos. If you have any information about this, please let us know through our whistleblower system, Whistle42.
