For a while now Cyprus has been one of the preferred locations for gambling companies to set up shop. One of the problems that online gambling companies have is that they have to choose locations where the licensing fees and set-up costs aren’t too large. Take France for example…the country was recently criticized for increasing its taxation for gambling companies. It was labeled as one of the highest charging countries when it comes to hosting gambling companies. For this reason, critics are predicting that companies holding their licensing in France will soon pull out to find more financially friendly locations and new companies will pass France by as a possibility for setting up shop. Cyprus traditionally has never had this problem. The country has offered some of the most reasonable and sought-after business solutions for gaming companies. That could be changing though.
The Cyprus government is now toying with new rules. Legislators want to ban online casino gaming. This could seriously change the market if gaming companies are no longer able to operate within the country. In addition to the companies’ issues, Cyprus also would be affected. They get to take advantage of the huge tax dollars that come in from gambling. The law has already been turned over to the EC, or European Commission for review. Once they make a decision, most likely then the parliament is going to vote on the issue within 2010 still. There isn’t a lot of time for the changes, and this shows how much the market should be turned around soon. This law for a ban on online gambling is all encompassing too and would include slots, sports wagering, poker, roulette and other table games that go on. Right now there are about six-hundred different online casinos working in the country and that could seriously change their markets. They would immediately have to find new way of opening the door for gaming in other areas of the world. Of course there are some places that will welcome them with open arms, but that doesn’t mean that Cyprus will not suffer financially due to the changes.