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Online Casino Gambling To Be Legalized In Cyprus

Online Casino Gambling To Be Legalized In Cyprus

The online casino gambling scenario is going through metamorphosis at a very rapid pace. Whereas the United States has been steadily opposing the online casino industry and making it difficult for those who have won money to actually lay their hands on the winning amounts, the United Kingdom has started the process of fully regulating this industry and taxing the casinos. British Columbia had to quickly shut down online casino only hours after it was launched because they faced a data protection breach.

Most other countries of the world have been watching the current trends in the world-wide casino industries and have been waiting for the correct time to consider making changes in their own casino industry. One of the foremost in this category is Cyprus which has been sending out mixed signals regarding their intentions and future plans in this field.

Announcement by Cyprus

In the past few weeks, the mixed signals regarding online casinos originated from contradictory statements made by different government officials to the media. Whereas many government officials expressed their disapproval by stating that legalization of the online casino gambling industry was not appropriate, Minister Loukas opposed their viewpoint and came out strongly in favor of legalizing this industry. The confusion regarding the government’s final decision has now been cleared with the announcement that they will formally legalize and regulate the online casino industry in the country shortly.

The bill for regulating and taxing the online casino industry, especially in the field of internet sports betting industry, has been drafted by the government but it has still to be approved by the European Commission. It is expected that the approval will be available by September.

The Government’s Rationale

In the past few years the online casino industry in Cyprus had been running unfettered and in a wild manner, giving rise to many different types of problems. Moreover, the large number of online casinos that are available in Cyprus has made the problem more complex and posed a great risk to the people of this country. Due to the lack of proper regulations and control, it is not possible to curb the large number of under-age people from entering the casinos and indulging in their gambling activities. In order to tackle these issues, the government feels that taxing, enforcing better security and regulating the activities of these casinos will help keep the younger generation at bay and bring their operations under control.

Cyprus has, therefore, decided to follow the example set by the UK to legalize the online casino gambling industry and regulate it with taxes instead of banning these activities altogether. The government will also earn substantial revenue in the bargain.

Online Casinos Are Assuming More Social Responsibility

Of late, online casinos are realizing their social responsibilities towards the society and taking steps to play a major role within the community. The online casino gambling companies are now actively supporting the watchdog and player advocacy groups by giving back and funding voluntary programs regarding invoking awareness about the problems that stem from gambling. The most recent of the land and online casino gambling groups that are doing yeoman service in this field is Gala Coral. This group has raised more than a million dollars for a local charity. Other groups include Slotland which has been raising funds and contributing to international charities, especially to help people affected by natural disasters.

Atualizado em 26 de June de 2019.

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