Recently, a for-profit company called OPAP acquired the rights to offer online casino games to players in the country. If Cyprus enacts its ban, the country will have an online gambling monopoly with OPAP, which violates the European Union’s requirement for free trade among all member states. The games offered by OPAP are also banned on the Cyprus’ most recent online gambling bill, but political officials in the country have made no mention of this fact.
Cyprus states by banning foreign operators from providing their services in the country, residents will be protected from credit card fraud and other types of crime that are common in e-commerce. However, the European Union argues that EU-regulated casinos and gambling sites are monitored closely to prevent fraud, making them some of the safest places to spend your money online.
If Cyprus does end up passing its online gambling ban, it could face some serious repercussions from the European Union. For violating free trade laws, the country could face hefty fines that would put it in even worse financial shape.