Online Casino Transfer: News - Cyprus Politicians on a Rampage

03/15/2010		Online Casino Style: News Cyprus Politicians on a Rampage
Home History Games News Dictionary		A debate of sorts is erupting in Cyprus this week as some of their political leaders have recently expressed their desire to impose restrictions on the (for now) relatively liberal online gambling industry. Though the small country doesn’t have a regulatory body for internet casinos themselves, their laws currently permit access to online gambling sites so long as the servers are located offshore. What constitutes illegal gambling in Cyprus are operators located within the nation’s boundaries, but the reverse are totally accessible to residents who so choose to frequent internet casinos. Some of the leaders want to change that – and have proposed to ban access to even offshore internet gambling companies. It’s a question of loopholes (isn’t it always?) as many of the world’s internet casinos have offices, not operational bases, on the Mediterranean island. According to the Cyprus Mail newspaper, the turnover from the market in Cyprus reached €2.5 billion in 2008, and is expected to reach well over €5 billion by 2012. The growth in the market is perfectly legal, as most of the companies’ servers are based outside of Cyprus, many in nearby Malta. Though the Cyprus government continues to refuse to set up a regulatory system on ideological and ethical grounds, players are unperturbed because they can still access their favorite sites. “Ninety-five per cent of electronic gambling services in our country operate legally because they are provided over the internet and there is no authority [here] where one can apply for a permit,” said Ionas Nicolaou, the chairman for the House Legal Affairs Committee. The happiness of players is apparently at the very bottom of politicians’ list of concerns, as the article claimed that legislators are looking to tighten the laws, in spite of that action’s complications with European Union. Online gambling currently falls under the Betting Law, which was amended in 2007 to comply with EU regulations on free trade of goods and services between member states. The goal for some now is to amend the law once again, adding a exclusionary clause that would effectively prohibit internet casino use by residents. “The main aim is to protect Cypriot society,” said one of the primary proponents for the new bill, Aristofanis Georgiou.

03/15/2010

Online Casino Style: News
Cyprus Politicians on a Rampage

A debate of sorts is erupting in Cyprus this week as some of their political leaders have recently expressed their desire to impose restrictions on the (for now) relatively liberal online gambling industry. Though the small country doesn’t have a regulatory body for internet casinos themselves, their laws currently permit access to online gambling sites so long as the servers are located offshore. What constitutes illegal gambling in Cyprus are operators located within the nation’s boundaries, but the reverse are totally accessible to residents who so choose to frequent internet casinos.

Some of the leaders want to change that – and have proposed to ban access to even offshore internet gambling companies. It’s a question of loopholes (isn’t it always?) as many of the world’s internet casinos have offices, not operational bases, on the Mediterranean island. According to the Cyprus Mail newspaper, the turnover from the market in Cyprus reached €2.5 billion in 2008, and is expected to reach well over €5 billion by 2012.

The growth in the market is perfectly legal, as most of the companies’ servers are based outside of Cyprus, many in nearby Malta. Though the Cyprus government continues to refuse to set up a regulatory system on ideological and ethical grounds, players are unperturbed because they can still access their favorite sites. “Ninety-five per cent of electronic gambling services in our country operate legally because they are provided over the internet and there is no authority [here] where one can apply for a permit,” said Ionas Nicolaou, the chairman for the House Legal Affairs Committee.

The happiness of players is apparently at the very bottom of politicians’ list of concerns, as the article claimed that legislators are looking to tighten the laws, in spite of that action’s complications with European Union. Online gambling currently falls under the Betting Law, which was amended in 2007 to comply with EU regulations on free trade of goods and services between member states. The goal for some now is to amend the law once again, adding a exclusionary clause that would effectively prohibit internet casino use by residents. “The main aim is to protect Cypriot society,” said one of the primary proponents for the new bill, Aristofanis Georgiou.