The National Betting Authority (NBA) of Cyprus has delivered a significant blow to suspected criminal networks by refusing to renew the operating license of BookieCo Betting Stores Ltd.
The decision has resulted in the immediate shutdown of the operator’s entire domestic network.
Severing the Financial Ties of the Underworld
Justice Minister Costas Fitiris characterized the license revocation as a strategic tactical maneuver intended to dismantle the economic structures of illicit groups.
“By disconnecting their economic ties, the authorities aim to destroy illicit networks,” Fitiris told Alpha television.
While the regulator did not specify internal reasoning, the move follows a surge of violence in Larnaca, including a January shooting linked to an individual associated with the BookieCo brand.
The “Fit and Proper” Standard
Under the 2019 Betting Law, the NBA possesses the authority to deny licenses based on the character of a company’s leadership, often referred to as the “fit and proper” test. This administrative pathway allowed the state to bypass lengthy criminal trials and shut down the business based on the current police scrutiny of owner Lazaros Phillipou.
Immediate Operational Shutdown
The consequences are absolute: BookieCo can no longer offer services, and its authorized agents must cease operations instantly. Authorities have warned the public that any betting activity at former BookieCo premises is now illegal.
This case signals a shift in strategy for Cyprus, moving from individual arrests to the systematic dismantling of corporate entities allegedly used as fronts for extortion and protection rackets.
