Cyprus Bans Online Gambling

July 9, 2012

This news item is something of a complete opposite to many news items we have posted recently. Over the last month we have been bringing you news of several major happenings which seem to indicate a move towards global acceptance of online gambling as a legitimate business model. This included the news of casino legislation changes in the USA, and the granting of the very first ever online gambling license in the country.

So it is with regret that we bring some entirely opposite news regarding Cyprus. Late last week the Government of Cyprus passed a new bill which will effectively outlaw online gambling within the country’s borders. This means that no gambling transactions can be made online legally, which effectively closes down the online gambling marketplace within Cyprus, as online casinos can no longer collect payments from customers in Cyprus.

On top of this curb on online gambling, and these changes to gambling legislation, Cyprus has also changed its position on betting tax. A double edged betting tax has been introduced, with both winning customers and betting shops paying a far higher betting tax revenue.

We have to say, that we believe this new online gambling legislation and betting tax change in Cyprus is not only bad for online slots players and online casino operators, but also for the country itself. Consider the fact that the USA, UK, Ireland and Italy have all woken up to the fact that online casino sites can generate significant tax income, alongside the current dreadful state of the economy in Cyprus, and one wonders why Cyprus didn’t take the completely opposite stance, allowing it to collect betting tax for online gambling?

However, this new sis unlikely to forestall the global acceptance of online gambling as a respectable industry, and we would not be in the least bit surprised to see Cyprus back pedal on this decision at some stage in the future when it sees other major nations generating significant tax revenue by making online gambling legal.

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