Cyprus’ attempts at the regulation of gambling that would prohibit a variety of online gambling games including online poker has run into a major roadblock and therefore has been delayed by at least three months.
While there are no casinos in Cyprus, local officials there have said that the online casinos that are prevalent cost the tiny location 2.5 billion euros per year. People in the area are looking to have online casinos and online poker that is properly regulated.
The new draft legislation which is being considered would close a loophole which allows for unregulated online gambling and Cyprus had been expecting some kind of feedback from the European commission by December 14. Now any ultimate decision on that particular legislation has been postponed until March.
Even though online gambling is illegal at the present time, pundits have been able to expose and take advantage of a loophole in the domestic laws which allow casinos that can attract players to Cyprus from bases in other jurisdictions. One of the reasons given by the European commission for extending the deadline is the fact that they are looking for feedback from the UK and are also searching for other clarifications necessary.