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Cyprus betting shops raided in online gambling crackdown, Stephen Carter at Casino Choice

Cyprus betting shops raided in online gambling crackdown, Stephen Carter at Casino Choice | Poker & eGaming News | Scoop.it

Cypriot police raided a string of betting outlets on Friday to enforce the country’s recently passed gambling law, which banned all forms of online gambling other than sports betting.

 

Lawyer Yiannos Georgiades from Nicosia law firm Georgiades & Mylonas said that the law violated the free movement of goods and services and freedom of establishment rights within the EU Treaty, and that AA Crown Bet was looking into the possibility of issuing a lawsuit against the Cypriot state, filing a complaint to the European Commission and going to the ECJ (now known as the Court of Justice of the European Union).

 

Georgides also pointed out that with each of the 1,000 existing non OPAP-owned online gambling and slot machine shops employing between five and 10 people, the ban could potentially add between 5,000 and 10,000 workers to the unemployment roll.

 

Other sources:

http://gamingzion.com/gamblingnews/cypriot-police-raid-suspected-online-gambling-operations-2859

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OPAP Q1 Net Profit Down 21 Percent, William Chambers Gambling Compliance

OPAP Q1 Net Profit Down 21 Percent, William Chambers Gambling Compliance | Poker & eGaming News | Scoop.it

Europe’s largest betting company OPAP reported a 21 percent drop in net profit in the first quarter of 2012 on Thursday, as Greece’s economic woes weighed on punters’ spending.

 

Greek gambling behemoth OPAP reported net profits down 20.9 percent on the prior-year period in results for the first quarter of 2012 published yesterday after the close of trading.

 

OPAP said turnover dropped 5 percent to €1.065bn and earnings before interest, tax, depreciation and amortisation (EBITDA) was down 14 percent to €184.4m, as the stringent austerity measures imposed under the EU bailout cooled Greek spending.

 

Other sources:

http://www.egrmagazine.com/news/opap_net_profit_down_20

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Cyprus bans online poker and legalize sports betting, Jocelyn Wood Pokerfuse

Cyprus bans online poker and legalize sports betting, Jocelyn Wood Pokerfuse | Poker & eGaming News | Scoop.it

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.

 

Other sources:

http://www.gaming-awards.com/NEWS/archives/11665

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