Cyprus has moved to shut down a licensed betting operator after its owner became involved in a high-profile organized crime investigation. Such a sudden and forceful action is almost unprecedented in the island’s recent history. It showcases how seriously authorities take any threat to the gambling sector’s credibility, especially when organized crime may be involved.
BookieCo’s Owner Remains in Custody
According to a recent report by Cyprus Mail, the decision not to renew BookieCo Betting Stores Ltd’s license has effectively halted the company’s operations. The Cyprus National Betting Authority confirmed that the permit would not be extended after it expired this week. From now on, any betting activity conducted under the BookieCo name or through its agents is illegal.
According to Justice Minister Costas Fitiris, suspending licenses linked to criminal activity is a critical tool against organized networks. BookieCo is owned by Lazaros Philippou, a prominent Cypriot businessman who is currently in custody. Authorities believe he could be involved with a January shooting and alleged interference with judicial proceedings. Court filings have also tied him to investigations involving extortion and violent enforcement tactics.
Under Cyprus’s 2019 betting law, regulators have extensive authority to deny or revoke licenses if a company’s directors or shareholders fail to meet certain criteria. The authority’s requirements extend beyond technical compliance and include reputational and integrity considerations. This crackdown indicates that the regulator is prepared to use its powers extensively when necessary.
Authorities Have Intensified Their Enforcement Efforts
This is the second gambling-related controversy for Cyprus in recent weeks. Earlier this month, police seized video footage showing the torture of at least seven individuals inside a casino on the island. The suspect, a 48-year-old with a lengthy criminal record, faces charges for kidnapping, firearms violations, and torture. Police allege that the abuse was a method to extract money and valuables from victims.
While the two cases do not appear to be connected, the two investigations have led to increased scrutiny of the island’s gambling-related businesses. Law enforcement officials believe an organized criminal group has operated for years in Cyprus, using intimidation to control security arrangements at entertainment venues and to collect protection payments.
The National Betting Authority has warned customers that wagers placed at former BookieCo premises are now unlawful. While the company has the right to appeal, the shutdown remains in force. This development could signal a shift for Cyprus as authorities appear increasingly determined to crack down on commercial structures that may enable or benefit from organized crime, such as gambling venues.
