Online Casino Style: News - Cyprus Cracks Down on Internet Gambling

12/31/2010		Online Casino Style - News: Cyprus Cracks Down on Internet Gambling
Home History Games News Dictionary		It seems that an exodus for online gambling operators might very well be inevitable this week as police investigators provide the Cyprus government with details of a flourishing €2.5 billion online gambling, industry, providing the information to be used as weapons in the developing efforts to ban betting on the island. It seems to be a sad ending for all those operators who chose Cyprus for their friendly hosting of online casinos, as well as beneficial tax regulations. The information was apparently provided directly to the government’s Inland Revenue Department. The move comes immediately following announcements that the Cyprus government is seriously considering banning gambling in all its forms, in one fell swoop, planning on taking down a huge sector of their business and revenue, forcing domestic online gambling companies to move elsewhere if the proposal passes. According to a report by the Cyprus Mail newsletter, the most recent developments are just the latest in a string of bad news for internet casino operators on Cyrpus. The industry on the small island has been estimated to be worth an annual turnover of more than €2.5 billion. But with the information provided to the IRD, verification on all winnings and income declarations would be possible without nearly as much legwork. For now, it continues to be a waiting game, as Cyprus has already submitted their proposal to ban online gambling to the UK Commission, and is awaiting an answer.

12/31/2010

Online Casino Style - News:
Cyprus Cracks Down on Internet Gambling

It seems that an exodus for online gambling operators might very well be inevitable this week as police investigators provide the Cyprus government with details of a flourishing €2.5 billion online gambling, industry, providing the information to be used as weapons in the developing efforts to ban betting on the island. It seems to be a sad ending for all those operators who chose Cyprus for their friendly hosting of online casinos, as well as beneficial tax regulations.

The information was apparently provided directly to the government’s Inland Revenue Department. The move comes immediately following announcements that the Cyprus government is seriously considering banning gambling in all its forms, in one fell swoop, planning on taking down a huge sector of their business and revenue, forcing domestic online gambling companies to move elsewhere if the proposal passes.

According to a report by the Cyprus Mail newsletter, the most recent developments are just the latest in a string of bad news for internet casino operators on Cyrpus. The industry on the small island has been estimated to be worth an annual turnover of more than €2.5 billion. But with the information provided to the IRD, verification on all winnings and income declarations would be possible without nearly as much legwork.

For now, it continues to be a waiting game, as Cyprus has already submitted their proposal to ban online gambling to the UK Commission, and is awaiting an answer.