Cyprus passes law against online gambling

Cyprus bans online gamblingIn a groundbreaking move that could have severe consequences for the online casino industry, Cyrus has passed a law against online gambling.

This will ban both online gambling and betting exchanges.  While many believe this law will cut down on online casinos based in Cyrpus, it can do little to stop those who choose to gamble using offshore casinos.

Legal betting in Cyprus will now have to be regulated by a special board to be set up under this new law. A tax on the net betting revenue will also be introduced. The majority of the proceeds of this new tax will be used for the Cyprus Sports Federation. Also, 1% of the tax revenue will be used for organizations which aim to fight gambling addiction.  The only company exempt from these new taxes will be OPAP which runs the lottery as there is a standing agreement between Cyprus and Greece over this company.

OPAP’s exemption from the tax has sparked protests and volatile reactions from casino owners in Cyrus who see the application of the new law as being biased and unfair.

Sports betting operators have also been affected by the new law. They will now have to pay 10% tax on revenue. There will also be an additional tax of 3% on the total income made. This will be paid to the new gambling regulatory board which is still to be established.

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