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CYPRUS: DAYS NUMBERED FOR ONLINE CASINO GAMBLING?

European Commission's blessing on ban expected before year end
 
The Mediterranean island of Cyprus, long the location of choice for many online gambling companies, may not remain so for much longer as the possibility of banning legislation looms closer.
 
The island government has already drawn up banning laws that will see all online gambling, with the exception of sports betting, put on the verboten list.  The proposed law was submitted to the European Commission  earlier this year to ensure that it does not fall foul of European Union principles.
 
This week the Cyprus Mail reported that a response from the EC was anticipated in the near future, and that if this was positive the parliament would vote the law in without delay, possibly before year-end.
 
The newspaper quoted Attorney General Petros Clerides, who said that the bill outlaws online games like roulette, poker, and slot machines, but allows for licences for sports betting online and retail outlets. It further provides for the creation of a Gaming Board that will regulate betting in Cyprus itself, with licensees paying a tax based on turnover, not profit.
 
To better control the online sports betting business, it will be prohibited to use cash for bets, which can only be placed via credit card or an e-account, thus making transactions easier to monitor, the official explained, adding that firms that failed to meet their tax obligations would be closed down whilst court proceedings took place.  Payments to players would be guaranteed by specified bank guarantees.
 
Clerides said that the submission to the EC argued that Cyprus wished to introduce a ban on internet gambling to guard against criminality and protect the consumer.
 
"We need to convince the European Commission that the ban is in the public interest and that it adheres to the principle of proportionality," he said.
 
Clerides says that European case law supports the proposed ban by Cyprus, pointing to the European Court of Justice decision in favour of Portugal.
 
He gave an indication of the direction in which the new law will go by noting that Portugal has defined online gambling as “Placing a bet from Portugal territory over the web with a company based outside of Portugal,” making it clear that a person cannot, at any time, gamble online whilst on Portuguese soil.
 
Another government official, Ionas Nicolaou, said that police statistics record over 600 online casinos on the island, which are currently operating legally because of a lack of specific legislation.
 
It is estimated that Cypriots wager hundreds of millions of euros online every year.

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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