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Cyprus authorities have struck a major blow against alleged organized crime. The National Betting Authority (NBA) refused to renew the license of BookieCo Betting Stores Ltd this week. This decision effectively shuts down the operator’s entire domestic network immediately.
A Weapon Against the Underworld
Justice Minister Costas Fitiris framed the move as a strategic tactic. He called the state’s “key tool” the suspension of business licenses. By disconnecting their economic ties, the authorities aim to destroy illicit networks. Fitiris spoke to Alpha television shortly after the announcement. He admitted he did not know the regulator’s specific internal reasoning. However, he noted that the decision likely connects to recent police investigations.
The Trigger: Violence in Larnaca
The license refusal comes during a turbulent period in Larnaca. The coastal city has recently been immersed in a wave of violence. A shooting that happened in January is presently being looked into by police. An individual associated with the BookieCo brand was arrested by detectives in connection with the attack. Additionally, authorities are looking into claims of involvement in court cases. The timing is clear, even if the regulator did not specifically mention these incidents.
The “Fit and Proper” Test
Regulators in Cyprus possess broad powers under the 2019 Betting Law. They can revoke or refuse licenses based on the character of a company’s leadership. This is known as the “fit and proper” test. If directors or shareholders face criminal scrutiny, the authority can act. This legal framework allows the state to bypass lengthy criminal trials. They can simply shut the business down through administrative channels instead.
The Owner Under Scrutiny
The spotlight falls heavily on Larnaca businessman Lazaros Phillipou. He owns the BookieCo brand. His alleged connections to recent events have drawn intense police attention. Investigations have intensified over the last few weeks. Police are building files on suspected protection rackets and extortion rings. They believe a specific criminal network operates violently in the region.
Immediate Shutdown
The consequences for the company are absolute. BookieCo cannot offer betting services directly anymore. Its network of authorized agents must also cease operations instantly. Authorities issued a stern warning to the public. Any betting activity at the former BookieCo premises is now illegal. The legal office stands ready to fight any potential appeals from the operator. This case marks a significant escalation. The state is no longer just arresting foot soldiers. They are targeting the corporate structures that may support them.
Source: National Betting Authority
