Regulating the Online Gaming Industry in Cyprus

Onlinecasino.org News | 26.03.2007 | 10:40:44 | Views: 266 | Casino News

In 2006, Cypriots parted with over £28 million in bets on online gambling. According to figures from the credit card company JCC prompting the Cypriot government to take the proper steps towards regulating the growth of the booming industry.

The state's reservations about the online gambling industry are the fear that young children can access these sites. The 2007 European Directive makes it almost impossible to restrict the industry, which is why the Finance Ministry is in the process of preparing a bill that would control this issue.

A spokesperson for the Finance Ministry, Lenia Orphanidou, said, "The new bill aims to regulate Internet betting in a way that, among others, taxes will be paid by the betting company."

The statistics were showcased to the House Institutions Committee last week, but according the Marinos Sizopoulos, a member of political party EDEK (Movement of Social Democrats), the figure could be as high as £1.5 billion, as the JCC figures may not have taken into account the sums of money that are recycled during betting.

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