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Big Money For Cyprus Online Gambling
3/6/10 - Turnover from Internet gambling on the Mediterranean island of Cyprus - legal home to the offices of many online gambling companies - reached Euro 2.5 billion in 2008 and is expected to balloon to over Euro 5 billion by 2012, the Cyprus Mail reported this week.
The newspaper was quoting Ionas Nicolaou, chairman of the House Legal Affairs Committee, who said: “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 [here] where one can apply for a permit."
At a time when the government is refusing to license real casinos on ideological and ethical grounds, there seems to be an explosion of online casino establishments operating legally through servers in other EU countries, usually Malta, the newspaper observes.
Citing a study carried out by online gambling consultants Global Betting and Gambling, Nicolaou said the turnover in 2008 had reached €2.5 billion, and revealed that one of the three biggest providers of online gambling services on the island, with a 30 percent market share, turned over around Euro 680 million in 2007. In 2008, credit card spending on online gambling had reached Euro 100 million, Nicolaou said.
The Cyprus Mail reports that tighter legislation is under discussion. At present online gambling in Cyprus falls under the Betting Law, amended in 2007 to comply with EU legislation for the free provision of services between EU members.
Now, some lawmakers are seeking to re-amend the law by inserting a clause that would exclude online gambling from the acceptable list of EU services. Politician Aristofanis Georgiou said. “The main aim is to protect Cypriot society.”
Individuals who play online games from the privacy of their homes are not breaking the law.
Nicolaou said it is estimated that operaors on the island made Euro 400 million in gross profit in 2008, and this will probably skyrocket in the future. He quoted one instance where 15 computers made a profit of Euro 93 000 in just two weeks.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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