NICOSIA, Cyprus , The Cyprus cabinet has approved a draft bill banning all online gambling.
Deputy government spokesman Christos Christofides said on Tuesday that the bill , which still needs legislative approval , will eliminate unclear provisions under the existing law which have turned a mushrooming online gambling business on the island into "a social wound."
Under the draft law, online games including poker, roulette and slot machines will
be banned. Lotteries and sports betting will be permitted to those 18-years old and over. Lawful establishments will be taxed 3 per cent on their revenue instead of the current 10 per cent on profits to discourage cheating.
Convicted law breakers could face a a fine of up to euro €170,000 ($236,260) or a five year prison term or both.
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Deputy government spokesman Christos Christofides said on Tuesday that the bill , which still needs legislative approval , will eliminate unclear provisions under the existing law which have turned a mushrooming online gambling business on the island into "a social wound."
Under the draft law, online games including poker, roulette and slot machines will
be banned. Lotteries and sports betting will be permitted to those 18-years old and over. Lawful establishments will be taxed 3 per cent on their revenue instead of the current 10 per cent on profits to discourage cheating.
Convicted law breakers could face a a fine of up to euro €170,000 ($236,260) or a five year prison term or both.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
