Online Poker Banned In Cyprus
Cyprus Parliament Passes Bill Banning Online Gambling And Poker; Betfair Looks At Legal Action
The parliament in Cyprus has banned online casinos and exchange betting, meaning no more online poker for Cypriots. This bill has been a long time coming and was unanimously voted through.
According to the Cyprus Mail, the bill regulates gaming and legal betting and provides for a tax on net betting revenue (after winnings). OPAP, the company which runs the lottery, is exempt because of its bilateral agreement between Greece and Cyprus, and this is believed to have left many online gaming companies disgruntled.
One company considering legal action against Cyprus is Betfair as the site believes the legislation is flawed and does not fully adhere to European Union law.
As reported by StockMarketWire.com, in its last financial year, 4 percent (approx. £9 million) of Betfair’s revenue came from Cyprus. Betfair says that it’s working with advisors to understand the potential fallout of the ban.
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