Silversands Pushed Out of South Africa
Tuesday, December 14th, 2010There are a lot of changes in the market of online gambling. Part of the reason for that is the varying laws and regulations that are changing at record speeds. Right now Silversands Casino operators know that better than probably anyone else. The company is being faced with possible eviction from Cyprus. The company is based there and has been since its beginning a few years ago. It was happily residing there paying a moderate taxation to house its gambling entity. That could all change due to the changing laws. Cypress is in plans to possibly start banning casino operators and online gaming in total. This is a difficult decision for the small country, but it is one that legislators have not made without a lot of debates. Though there are millions of tax revenue dollars to be had, legislators are seriously debating a complete ban on the activity. This of course would push the companies in the area out if they are directly involved with the activity.
This is a string of bad news for Silversands Casino operations. They recently heard the same news from South Africa when the country opted to eliminate gambling. It too was after a long period of strong debates from each side. Many experts believed that legislations would be open to gambling due to the money and that alone would sway them to do whatever they needed to do to make it happen. This is proving to not be the case in more and more countries that are banning online gambling and gaming, in general. If the changes in Cyprus do go through it is going to be bad news for more companies than just Silversands. There are quite a few companies that call the country home and are hoping to maintain their citizenship there. It is going to force them to relocate and cut the market out of their business completely. In today’s highly competitive market, that isn’t the easiest thing to do. They are being asked to completely sever a market. Only time will tell what is going to happen, but most likely it looks like Cyprus legislators have made their decision. They recently issued a statement confirming that they believe online gaming is what is pushing their stats on crime up and putting players at a disadvantage in terms of online protections.

