Cyprus bans online poker

Cyprus bans online poker

Tuesday, 10 July 2012

The House of Representatives in Cyprus has passed controversial legislation that prohibits exchange betting and online casino games including online poker. Sports betting has been regulated with authorities levying a ten percent revenue tax on all operators.

The contentious legislation was first proposed last year but had languished as parliamentarians struggled to work out precise details. Passage was further delayed after the collapse of the coalition government of the left-wing Progressive Party of Working People and the centrist Democratic Party.

One firm unhappy with the new legislation is Betfair which considering a legal challenge. The betting exchange operator said that the new law contains 'serious flaws and, in certain areas, is inconsistent with European Union law'.

"Betfair is working with advisors to understand the potential implications on its business and will be taking all necessary steps to reduce the impact on profitability through both legal action and cost management," read a statement from Betfair.

Approximately 4% of Betfair's group revenues last year, and around £9m of profit came from Cyprus.

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Tags: Cyprus, legislation, law