Bad Economy in Cyprus: 2

Cyprus is a member of the European Union and we are very familiar with how the European Union feels about the online casino industry. Since Cyprus is a member of the European Union they have to always think twice before they enact any laws that may interfere with the free trade agreements that they have with their fellow member nations. This country did try to bring about proper legislation for online casinos actually this is the second time that they have tried to make a move but it would affect their dealings with the European Union. They are currently under the process of applying for exemption to the European Union’s free movement of goods and services stipulations. Their feelings towards online casinos and internet gambling are not shared with the European Union.

They are not the only country that belongs to the European Union that has resisted towards accepting the online casino industry. The country’s Finance Minister has admitted that their latest attempt is a long shot but he is very hopeful that their request will be accepted by the European Union when considering their current economic state. So far all of the illegal gambling in land based and online casinos that is going on in Cyprus has been a fight that the government is not winning. There have been a number of police raids to the illegal internet gambling clubs over the past two years that have lead to several arrests and seizures of over 5000 computers. Even though they have penalties for operating illegal internet gambling website the government is asking for the ability to make the punishments worse.

The current fine that offenders pay is only 1500 Euros. The chairman of the House Institutions Committee, Ricos Erotokritou said, "It pains us to see that Cyprus has become a free-for-all when it comes to illegal gambling." Hopefully the island of Cyprus will resolve their online casino related issues soon.