Online Casino Transfer: News - Cyprus Hits a Snag

06/27/2010		Online Casino Style: News Cyprus Hits a Snag
Home History Games News Dictionary		According to a report this week by the Cyprus Mail, the progress that was being made on the island in regards to legislators coming to a place of acceptance for online gambling has had somewhat of a snag. Procedural difficulties have been identified as the reason behind the delay which, for now, seems to be mild enough to not concern the rest of the internet casino community, and expected to be resolved in a timely manner. The bill that will legalize online gambling in Cyprus, setting the stage for a full liberalization for offshore casino groups has been delayed, as a step in the processes was ‘accidentally’ overlooked. According to the report, the remaining of the parliamentary processes have been stopped until a full public consultation can be held, giving the public an opportunity to put their two cents into the drafting and eventual passage of the bill. The interruption will put voting on hold until they can be back on track, estimated to fall in mid-July at the very earliest. Unfortunately, the oversight also means that some of the accusations by opposition that the government was rushing through due process had a shred of truth to them, and could bolster nay-sayers’ case with the example. One such organization, SAKOP, called the lawmakers out on not holding a public consultation or an impact study for possible repercussions on the proposal, claims that turned out to be true. But there’s plenty of motivation to follow the rules to their letter in order to get the bill passed as quickly as possible, as online gambling already accounts for as much as €2.5 billion a year in Cyprus. Existing law puts Cyprus under the Betting Law, which demands that they comply with EU regulations for free trade of services and goods between member nations.

06/27/2010

Online Casino Style: News
Cyprus Hits a Snag

According to a report this week by the Cyprus Mail, the progress that was being made on the island in regards to legislators coming to a place of acceptance for online gambling has had somewhat of a snag. Procedural difficulties have been identified as the reason behind the delay which, for now, seems to be mild enough to not concern the rest of the internet casino community, and expected to be resolved in a timely manner.

The bill that will legalize online gambling in Cyprus, setting the stage for a full liberalization for offshore casino groups has been delayed, as a step in the processes was ‘accidentally’ overlooked. According to the report, the remaining of the parliamentary processes have been stopped until a full public consultation can be held, giving the public an opportunity to put their two cents into the drafting and eventual passage of the bill. The interruption will put voting on hold until they can be back on track, estimated to fall in mid-July at the very earliest.

Unfortunately, the oversight also means that some of the accusations by opposition that the government was rushing through due process had a shred of truth to them, and could bolster nay-sayers’ case with the example. One such organization, SAKOP, called the lawmakers out on not holding a public consultation or an impact study for possible repercussions on the proposal, claims that turned out to be true.

But there’s plenty of motivation to follow the rules to their letter in order to get the bill passed as quickly as possible, as online gambling already accounts for as much as €2.5 billion a year in Cyprus. Existing law puts Cyprus under the Betting Law, which demands that they comply with EU regulations for free trade of services and goods between member nations.