Cyprus inches closer to online gambling ban

[The Buzz]

According to the Cyprus Mail, the "end is near" for online gambling in the island country. The government should know soon whether the European Commission give the nod for the ban.

From the article:

The bill outlaws online games like roulette, poker, and slot machines, but allows for licences for sports betting outlets. It further provides for the creation of a gaming board that will regulate betting in Cyprus itself. Licensed shops will pay a tax 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 (electronic account), thus making transactions easier to monitor.

Establishments failing to pay their tax dues on time will be shut down for as long as the case is in court. In addition, lawmakers want outlets to submit a bank guarantee as a security to ensure that players receive their winnings.

[JoeAdams]

Therefore, they should now enjoy the online gambling more while it still not prohibited in their country.

[wagerjunction]

Yeah, make the most of it while there is still time

[alexpratt]

How will this effect all the iGaming companies based there both actually and for finance/tax reasons - there is a hell of a lot

[grem]

perhaps they would move to Malta

[davenewgates]

And they have to make sure that they return their players' funds before they go offline or move to other places where they can continue with the online gambling business..