Lawmakers in Cyprus have come to an agreement that saw the government ban not only internet gambling, but also outlawed betting exchanges in the process.
The agreement has now set tax levels and introduces a gambling board that will regulate legal gambling in the island nation. It also allows for taxes to be collected on net betting revenues to be disbursed to problem gambling organizations. With the banning of online gambling and betting exchanges, an exemption for Greek gambling firm OPAP has proven to be very unpopular among Cyprus residents.
Speaking about the banning of internet gambling, Cyprus MP and House Legal Affairs Chairman Ionas Nicolaou said: “From this day we are handing over to the prosecuting authorities and the state the tools to combat this phenomenon.”
Yiannakis Omirou, Cyprus' House President also urged law enforcement to shut down and prosecute illegal betting operators.