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Actions from Cyprian Government

The Cypriot government has become increasingly concerned about the amount of unmonitored and unregulated online casino gambling taking place on the island and has announced that new actions will be taken to better protect the island nation and provide further regulations for the internet gambling industry. The online casinos currently have pretty much carte blanche control over Cyrpus’ gambling market – there are no laws in place in Cyprus to control internet based businesses and industries. According to the lawmakers though, changes are coming and the government plans to design and implement some very specific changes to internet gambling industry operating in the country.

Some of the initial concerns that will be addressed in any future legislation out of Cyprus is the development of a Gaming Authority that will oversee all of the online casino gambling activity taking place on and from Cyprus. That being said though, the Cypriot authorities are also considering forcing the online casinos completely out of Cyprus in a move aimed at protecting the island. On the other hand, the Cypriot internet gambling industry is valued at several billion dollars – and that figure only continues to grow. The Cypriot authorities now have the opportunity to set up a system of controls for the industry that comply with the current EU regulations while also capitalizing on the tax benefits that come from licensing and regulating internet gambling.

There are uncertainties right now about how the government is going to stand up when it comes to online casino gambling – with the current Betting Law in place on the island the Cyprian internet gambling industry is fair game. But on the other hand, authorities on Cyprus are seriously considering taking internet gambling out of the country’s trade commitments.