24/01/2010

As it is known in South Cyprus, Casinos and Poker are forbidden as also all other gambling games. The only games that are allowed are Bingo, Sports betting, Lotto, Joker, Kino and all similar games. The truth is thatCypriots loves to gamble and that seems to come from the forbidden law.

The fact is that many thoughts are been made by the Cypriot government in order to open Casinos for mostly tourists as it will bring in a lot of profits. What is backing up in order to apply such action is the fear of local’s gamblers misusing the casinos.

By surprise all south Cyprus regardless that gambling is illegal, is getting full of Casino facilities, especially in Limassol City which is the most Tourist area of the whole Island.

After investigation we found out that the Casinos that are opening now are Online Casinos as also are illegal ,but it seems that a small bug to the window to the law applies the right to Internet Cafe’s to use any games in their facilities including Online Casinos as they are using Servers abroad.

At main roads it is amazing to see how many of those “Internet Cafe’s” are opening , for example in a 100 meter street you can find easily 2-3 advertising “CASINO THE WORLD IN YOUR HANDS “ .

Maybe forbidding something makes that more desirable as our opinion is that Casino licence should be given as it will help the economy and it will attract more tourists from abroad. Have in mind that Cyprus it is a divided Island since 1974 when Turkish Troops invaded and occupied the half island.

At the North part Casinos are legal and the funny thing is that a lot of Greek-Cypriots spent full weekends into the North part gambling non-stop!

24/01/2010

Approximately 55 million euro is the money every year except Cyprus channeled through credit cards used for gambling purposes. Money not ever return to the Cyprus economy and remain untaxed, creating millions of damage to the State State revenue from the legitimate favorite in 2008 amounted to 2,510,273 euros. On the other hand, according to figures obtained by the "T" from September 2008 until September 2009 handled by credit card 85 million for gambling purposes. The 80 million of them came to "dealers" from abroad, that is played in casinos or abroad (in foreign casinos lost amount according to our sources is at 400,000 euro) or through Internet (ie in online betting and gambling, whose seat is abroad).

The 5,350,000 EUR played in casinos in the occupied. Finally, only 889 thousand euros or played at bookmakers in the free areas or through Internet companies based in Cyprus. Of the 85 million returned to players as winnings around 30 million (29 million players in the Internet, 7,000 euros in profits from the casinos in the occupied, and only 2,000 euros in profit agencies in Cyprus). Thus, the net profits of companies is around 55 million euros, a multiple of the national revenue in 2008 from a legitimate bet, which remains tax-free and leads mostly to foreign companies and thus economies of foreign countries.

Legislative tolerance The online gambling is not regulated by existing legislation in Cyprus and on the bet, is considered legitimate only Cypriot football and racing. Many however are now the bookmakers who accept illegal betting or gambling house engineers. We, however, after our visits we saw on the screens betting offices not only foreign horse races and dog races, and dozens of electronic gambling machines (known as "slots"), online games and live web links to foreign casinos ... Unlimited and "internet cafes" that offer Internet gambling services. Yet despite the scale of the problem, loopholes in the Ministry of Finance still be patched up and the tolerance of the police (the suspected association "Godfather" of the underworld with members of the police force also arriving once the limits of the scandal) Cyprus has turned into a vast casino. Remarkable is the statement given to the mayor's "W": "Every time I decide anything against illegal gambling circuit, take the phone number and ask me to make sense:" You mean the Mr. Mayor? " Regarding the lack of legislation, is that characteristic as police made using obsolete laws.

The campaigns made under the Machinery and Engine Game Entertainment Law 1996 (Law 32 (I) / 96) and on collective Betting Act of 1997 (Law 75 (I) / 97). While it was recently submitted to the House bill for discussion, his testimony was postponed by the responsible Ministry. According to the Ministry of Finance expects before the filing of any bill, the European legislation on the final settlement of Internet gambling. Until then, the Internet gambling considered legal "if offered by companies based in countries within the EU", in the opinion of the Legal Service. Given the fact that today the vast majority of foreign companies offering online gambling and betting based in Malta (country-member of EU), the tax levels, the online gambling is perfectly legal, even impolitic for the Cypriot economy. Through 240 pages "leaves" the Cypriot foreign cash The 1 / 3 of the betting market in a company Currently operating in the free areas legally 436 bookmakers, of which 35 are recipients and 401 recipients betting assistant. The number of illegal manor, where betting or playing online gambling, is incalculable.

On the Internet, according to the information we obtained, the Cypriots have ... discovered some 240 Internet gambling sites and online betting they absorb "their plastic money". At the time when Cyprus is fashionable to Betfair-a betting exchange that gives the player the chance to bet as a player and as a bite. So, according to our data, 35% of credit card transactions last year were games for the Betfair, which makes us reasonably to assume that something similar happens with the cash. Therefore, the Betfair controls 1 / 3 of the Cyprus market. Second, but far from the first, comes a company Bwin-popular players who play from home, which controls about 12% of the market.