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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.

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Gambling News :

IGT Continues Partnership with Coljuegos EICE - IGT will continue its 16-year partnership with Colombian administrative gaming authority Coljuegos EICE following a public procurement process for a five-year private operator contract to run the draw-based online lottery game Baloto.

Magic Spells SLot Launches - The penny slots’ Wild symbol is a bubbling cauldron which is an Expanded Wild that can cover up to four positions for multiple winning combinations.

Mega Moolah progressive jackpot slot was hit for Euro 6,078,249.33 - Identified as N.C., the player was a novice who signed up to the online casino on a new customer bonus offering 100 chances to become a millionaire for Euro 5.

Lightning Box Games in Deal With Everi Games - Australian slot developer, Lightning Box Games, has entered into a distribution deal with electronic gaming content provider, Everi Games, for a selection of its proprietary slot content.

Storspiller HighRoller Casino Launches - Storspiller.com is targeted at “high rollers” within Kindred’s total registered customer base who play for GBP 200 or more per month.

Another Attempt to Acquire Tatts - The surprise A$8.4 billion bid for Tatts late last year by the Pacific Consortium caused some consternation in the Tabcorp and Tatts boards, which were in merger talks but these concerns faded following Tatts rebuff of the consortium's offer

US Supreme Court Interested in NJ SportsBetting Case - The US Supreme Court, which is for the second year mulling whether to hear New Jersey's case for wider legalized sports betting in the United States ) has showed some interest in the case.

Ladbrokes Trading Update - The Ladbrokes Coral plc online and land gambling group has released a trading statement for the unaudited year to 31 December 2016, reporting:

Leovegas Player Wins a BMW X4 - A 23-year-old Southampton University student identified only as Leo has won a GBP 50,000 BMW X4 sports saloon car playing NetEnt's Live Casino Roulette on the Leo Vegas mobile gambling,site.

New Survey on Europe Online Gambling Regulations - The companies delivered their conclusions, which include both EU and European Economic Area technical regulations, this week.

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