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Illegal Online Casino Gambling Hurts

The online casino gambling industry is flourishing all over the world and in markets that both welcome the pastime and markets that have expressly forbidden internet gambling. The United States is an example of a huge and flourishing online gambling market where internet casinos are rampant. Cyprus, a small island nation that is a part of the European Union, claims that illegal internet gambling is actually slowly destroying the nation’s economy. The government claims that the economy is losing about 2.5 billion Euro every year as a result of illegal land and internet gambling.

The big problem for Cyprus is the fact that the government just doesn’t know how to stop the illegal gambling without breaking the policies of the European Union that have strict rules about the movement of goods and services between EU member-states – these rules include restrictions on online caisno gambling. But where does that leave the government? Other analysts are calling for the Cyprus government to pass legislation that regulates the land and online casino gambling industry, but the Cyprus government is at a loss of where to start. Efforts were made in the past to this end and the entire situation was a bust when it was discovered that the foreign specialists hired to draft the new legislation had ties and interests in the international gambling industry.

The one small hope right now lies within an exemption request by Cyprus to the European Commission. Cyprus is hoping to win the right to block and ban foreign online casinos from the EU despite the fact that this would be in direct contravention of core EU principles. There is little chance that it will pass, but the government felt it had to act in some way to attempt to stem the outpouring of euros from the Cyprus economy.