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Will It Be Allowed?

The Cyprus government is pressing the European Union for permission to operate a land and online casino gambling monopoly. The Cyprus economy is currently suffering from illegal land and internet gambling that is rampant – this illegal gambling is costing the island’s economy as much as Euro 2.5 billion according to recent reports from the Finance Minister. With the state of the global economy going south, this sort of loss from illegal gambling is causing some outcry from the people of Cyprus as well as government officials looking for a way to boost the amount of money coming into the island. Part of the Cyprus problem stems from the fact that the online e-payment processing industry is huge on the island and this has brought with it a bit of illegal gambling enterprises.

As many are calling for new regulations on the island that will limit or at least regulate the online casinos the government is looking at the situation carefully and treading lightly on the fact that the EU has some major issues right now with the policies regarding free movement of trade and services, particularly where the gambling industry is concerned.

One of the main issues that is cited for the proliferation of illegal online casino gambling and betting services on the island is the lack of sufficient deterrent for the offenders. Police simply do not have the manpower or technology to track all of the illegal gambling enterprises on the island, and once they are found, because the penalty is a mere Euro 1,500 fine, the gaming operators are not deterred in the least and instead just reorder seized equipment and prepare for their next illegal gambling and betting shop – the profit margin outweighs the penalties.