Strategic Business Plan 2021-2023
With the aim of establishing Cyprus as a hub for development and innovation in the gambling sector guiding every aspect of its activities, the National Betting Authority has drafted its Strategic Business Plan, which will guide its actions and initiatives for the period 2021 – 2023. The Strategic Plan was drafted, taking into account the conditions and challenges that the Covid-19 pandemic has created, and it is based on four main pillars:
- Enhancement of the Authority’s operation
- Improvement of the regulatory and legislative framework
- Protection and empowerment of the players and the public
- Fair and safe and transparent gambling activities
The Authority drafted an Action Plan seeking the optimization of its internal operations, improvement of its regulatory and legislative framework, the enhancement of its supervisory role, the further development and innovation of the sector, as well as the protection of the players and the public.
In order to upgrade its operations, the Authority prioritizes the implementation of efficient methods of operation and governance, the further development and implementation of its Technological Infrastructure, as well as its Human Resources development and retention. At the same time, the Authority will continue to work towards the simplification and automation of procedures, for the reduction of bureaucracy and operational costs and the increase of operational development and transparency.
Based on its Strategic pillar for the improvement of the regulatory framework, the Authority intents to simplify and modernize the licensing procedure, while setting as a priority the improvement of regulatory and legal framework, through the market development, based on international standards and the encouragement of healthy competition. At the same time, it will continue the education and training of stakeholders and licensees aiming to the better comprehension of regulatory framework. In terms of enhancing its supervisory role, the Authority will focus on the development of data analysis and management systems, the improvement of risk assessment framework, the implementation of preventive supervision, the improvement of on-site and remote inspections as well as the improvement of countering money laundering and terrorism financing. In this direction, the implementation of the computerised betting monitoring and data analysis system will be completed and the process of websites blocking will continue while implementing new methods to ensure legality.
Aiming to the development and innovation of the sector, the Authority will continue to invest in the field of research and innovation, by creating incentives for start-ups and innovative businesses. In addition, the Authority will continue to develop national and international cooperation, as well as to increase incentives for new investments in the gambling sector.
The Authority’s effort to ensure the protection of players, especially young people, and vulnerable groups, as well as the wider community will soon be strengthened by a National Self-exclusion Platform for players, the application of a Safer Gambling Standard as well as the drafting of Protection Regulations for players, young people and pathological players.
The Authority’s chairwoman, Mrs. Ioanna Fiakkou, pointed out in her statements that the obstacles that the pandemic has created do not distract the organization from achieving its goals. “We remain committed to the strategic framework of the Authority and we aim to balance and absorb the consequences that the pandemic has created, achieving the sustainability of the sector. At the same time, we strengthen our actions to protect players and the wider public, with the ultimate goal of minimizing the negative consequences of problem gambling.”
