Cyprus Attempts to Regulate Growing Online Gambling - 03-27-07
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March 27 - According to JCC - a credit card company, Cypriots parted with more than ?28 million in online gambling bets in 2006. This has prompted the government to take steps towards controlling the growth of the industry.
Cyprus's uncertainties about the industry are mainly due to fears that these online gambling sites can be accessed by under aged gamblers. The 2007 European Directive makes it extremely difficult to control the industry, however the Finance Ministry is busy preparing a bill that would suggest some control over the problem.
The idea of the new bill is to regulate online betting in such a way that, among others, the online gambling company will pay taxes.
