Cyprus Shuts Down BookieCo Amidst Organized Crime Crackdown
BookieCo’s License Revoked Following Organized Crime Investigation
Authorities in Cyprus have taken the rare step of shutting down a licensed betting operator due to its owner’s involvement in a significant organized crime probe. This swift and decisive move highlights the government’s strong commitment to preserving the integrity of the gambling industry, particularly when criminal activities may be implicated.
Owner of BookieCo Detained as Operations Cease
Recent reports reveal that BookieCo Betting Stores Ltd has had its operating license revoked by the Cyprus National Betting Authority, effectively ending its legal betting services. The license was not renewed upon expiration, making any further betting under the BookieCo brand or through its agents unlawful.
Justice Minister Costas Fitiris emphasized that suspending licenses connected to criminal activities is a vital strategy in combating organized crime networks. The company is owned by Lazaros Philippou, a well-known Cypriot businessman who is currently held in custody. He is suspected of involvement in a shooting incident that occurred in January and possible attempts to obstruct justice. Legal documents also link him to investigations concerning extortion and violent enforcement methods.
According to the 2019 betting regulations in Cyprus, authorities possess broad rights to refuse or revoke licenses if the leadership or shareholders of a gambling company fail to meet established standards. These standards extend beyond regulatory compliance to include considerations of reputation and integrity. This case signals the regulator’s readiness to fully exercise these powers when warranted.
Enhanced Regulatory and Law Enforcement Actions
This crackdown comes amid increased scrutiny of the gambling sector. Earlier this month, police obtained footage revealing the torture of several victims inside a Cypriot casino. The alleged perpetrator, a 48-year-old individual with a substantial criminal history, faces multiple charges including kidnapping, illegal possession of firearms, and torture. Authorities believe this abuse was used as a tactic to coerce victims into surrendering money and valuables.
Although not directly linked, both investigations have heightened attention on gambling-related enterprises on the island. Law enforcement suspects that an organized criminal group has operated in Cyprus for years, using intimidation techniques to control security services at entertainment venues and extort protection fees.
The National Betting Authority has alerted the public that any bets placed at former BookieCo locations are now illegal. While BookieCo may challenge the decision through an appeal, the license suspension is currently in effect. This move may mark a turning point as Cypriot authorities demonstrate increased determination to clamp down on gambling businesses that might facilitate or profit from organized crime activities.
