Online Casino Transfer: News - Gambling Ban in Cyprus?

08/16/2010		Online Casino Style: News Gambling Ban in Cyprus?
Home History Games News Dictionary		Concerns are increasing this week in regards to flippant rumors that an online gambling ban might well become reality on the island of Cyprus, known in the internet casino community as a safe haven and one of very few welcome locations from which online casinos can base their operations. Right now, the overwhelming theme of the political arena in relation to the issue is one of confusion, with the most likely course of action now revealing itself to be a prohibition on online gambling. A bill that would set up such a ban in currently being considered, and should the government approve it, it would move forward to be signed off on by the European Commission and enter into debate by the domestic parliamentary bodies. The news is becoming huge in online gambling circles, as analysts across the board wonder how such a proposal got so far in a small nation known for their open arms to internet casinos. Other concerns relate specifically to the billions of dollars that will be lost should it pass; the offshore gambling companies affected will surely abandon the island, with millions lost to the government in taxes and levies. The ban is thorough as well, naming specific games such as roulette, poker and slots among those services which will be banned in Cyprus. ” These [online] casinos have been created on every corner of Cyprus and anyone, young or old can basically gamble in the same way it is done in casinos abroad,” said Charilaos Stavrakis, the minister of finance. Sports betting seems to be safe from the ban, so long as all bets are placed legally though regulated and licensed companies approved by the state. The proposal also outlines the development of a new gaming board for the island, which will be charged with the responsibility of taxing the newly limited betting selections.

08/16/2010

Online Casino Style: News
Gambling Ban in Cyprus?

Concerns are increasing this week in regards to flippant rumors that an online gambling ban might well become reality on the island of Cyprus, known in the internet casino community as a safe haven and one of very few welcome locations from which online casinos can base their operations. Right now, the overwhelming theme of the political arena in relation to the issue is one of confusion, with the most likely course of action now revealing itself to be a prohibition on online gambling. A bill that would set up such a ban in currently being considered, and should the government approve it, it would move forward to be signed off on by the European Commission and enter into debate by the domestic parliamentary bodies.

The news is becoming huge in online gambling circles, as analysts across the board wonder how such a proposal got so far in a small nation known for their open arms to internet casinos. Other concerns relate specifically to the billions of dollars that will be lost should it pass; the offshore gambling companies affected will surely abandon the island, with millions lost to the government in taxes and levies.

The ban is thorough as well, naming specific games such as roulette, poker and slots among those services which will be banned in Cyprus. ” These [online] casinos have been created on every corner of Cyprus and anyone, young or old can basically gamble in the same way it is done in casinos abroad,” said Charilaos Stavrakis, the minister of finance. Sports betting seems to be safe from the ban, so long as all bets are placed legally though regulated and licensed companies approved by the state. The proposal also outlines the development of a new gaming board for the island, which will be charged with the responsibility of taxing the newly limited betting selections.