Cyprus Considers Tightening Online Casino Operation Requirements

Lawmakers on Cyprus are concerned about unregulated wealth being moved through the country by online casino operators, and may establish regulations governing the Internet gaming industry.

Some lawmakers on the island of Cyprus are advocating the placement of tight restrictions on online casino operators using the nation as a base. A report in the Cyprus Mail says concern for the best interests of residents and the Cypriot society are causing legislators to re-examine the rules governing Internet gambling.

Presently, Cyprus has no gaming authority to oversee gambling operators in the country. Land-based casinos are forbidden, but online casinos are expected to generate almost $7 billion in international operations by 2012, according to the paper.

Gambling at online casinos is not against Cypriot law.

Changes to Cyprus' Betting Law in 2007 are designed to comply with the requirements laid down by European Union rules in regard to free exchange of services, as befits a member of the EU. However, there is a movement afoot to alter the Betting Law again to remove Internet gaming from the list of services Cyprus shares in the EU single market.

“The main aim is to protect Cypriot society," says legislator Aristofanis Georgiou.

“Ninety-five per cent of electronic gambling services in our country operate legally because they are provided over the Internet and there is no authority where one can apply for a permit," adds Ionas Nicolaou, the chairman of the House Legal Affairs Committee.

Among proposals will certainly be a taxation plan to create revenue for Cyprus from the massive sums being moved through the country.