Cyprus bans online casino games and poker while simultaneously legalising most sports betting. The most popular online sports betting which takes place on exchanges is banned.
The law provides for a 10% tax on net sports book revenues and a 3% tax on gross revenues. 1% of the gross revenue tax will go to charities working on gambling addiction.
Betfair will be hit hard by the law as it generates some £9m or 4% of its global revenues from the island. Betfair shares fell 4.5% on news of the new law.
Greek company OPAP which offers online lottery and keno games will continue to be allowed to operate under an exemption reflecting a bilateral agreement between Greece and Cyprus.