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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.



Gambling News :

Games Concept Day in Malta - The Quickfire Games Concept Day is the second full-day workshop to date, the first being held in Gibraltar in July.

AFC’s fight against match-fixing - The Asian Football Confederation (AFC) has introduced a new AFC integrity mobile application, which will enable fans, players and officials to report possible suspicious activities or provide information concerning match-fixing or corruption to the AFC Integrity Unit.

PartyPoker Removes Dormant Account Fees - partypoker today announced that players will no longer be charged fees for inactivity on their online accounts.

NHL Odds: Rangers Look for Seventh Straight in Chicago - The Chicago Blackhawks (8-8-2) will try to get their season on track this Wednesday when they host the surging New York Rangers (9-7-2) in an Original Six showdown. NBCSN has the coverage beginning at 8 PM ET.

ACR $1,400,000 High Five Tournament Series - It has five added tournaments a day for five straight days, with the $420k Main Event on the final day. There are Texas hold’em and PLO game types, and tons of structures.a

Microgaming named in The 10 coolest offices of 2017 - Microgaming named in The 10 coolest offices of 2017 Microgaming’s new HQ has been named in ‘The 10 coolest offices of 2017*’ in the UK, featuring alongside some of the biggest consumer brands.

$75K Win on Mobile Slot @ CafeCasino - Café Casino’s mobile slot, Achilles, paid out in a big way over the weekend. A player from Pennsylvania, Rob J., triggered the game’s free spins mode by landing three scatters.

Microgaming’s The Phantom of the Opera online slot live today - Available to Microgaming and Quickfire operators, The Phantom of the Opera online slot goes live Wednesday 1 November 2017.

2017 Punta Cana Poker Classic Results - The 2017 Punta Cana Poker Classic is now in the books and players are returning home after a week-long poker celebration. And after a major final table deal, two players have the most reason to celebrate. Roberto Carvallo ultimately won the tournament after negotiating a final table deal with Jamin Stokes.

NHL Odds: Winnipeg Jets vs. Minnesota Wild - Blake Wheeler and the Winnipeg Jets will attempt to get two points closer to the Central Division lead on Tuesday, as they take on the Minnesota Wild on the road. The Jets have started strong, and sit in second place in their division. Led by RW Blake Wheeler, the Jets look like a team that could make some noise in the West this season.

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