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Cyrpus Bans Online Casino Gambling

The July 29, 2010, By Takato Sugihara

The Cypriot Government yesterday approved a bill that will put an end to online casino gambling that has flourished in the country over the past few years. online casino news: Cyrpus Bans Online Casino Gambling

Finance Minister Charilaos Stavrakis said “These (on-line) 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.”

The bill cointains bans on online games like roulette, poker, and slots machines, as well as regulating online betting, with football and other sporting events regulated and licensed by the State. .”

The government draft bans online games like roulette, poker, and fruit machines. .”

“A percentage of the total betting conducted in Cyprus will come to the state as a tax revenue,” the minister said. Stavrakis could not immediately say how much revenue the government expected to gain. He added that the exact amount of tax had not yet been set but speculated it would probably be 10 per cent. .”

“In addition, since online gambling will be banned, it is very logical for one to assume that a large part of the bets … will go to internet or other betting,” Stavrakis said. .”

The new bill provides for strict penalties for those breaking the law. Under current legislation, police seize the establishment’s equipment, which was promptly replaced and the shop was up and running by the next day. .”

The minister said the bill would solve many social problems created with the huge increase in the number of illegal establishments offering online gambling. .”

The bill will first go to the European Commission for approval because online betting is governed by EU laws and any change or adoption of new legislation should have their agreement. .”

Stavrakis reiterated the government’s decision not to license real casinos in Cyprus. “It would be an oxymoron to legally allow the operation of dozens of online casinos in Cyprus in the shape we have today and not allow the creation of a real casino,” the minister said. “With this decision the government remains consistent with its initial position that it is against the creation of (real) casinos and online casinos for social and other reasons.”



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