State seeks to regulate bingo games

The government is seeking to regulate the game of bingo, which has an estimated annual turnover of over €100m, Finance Minister Harris Georgiades said on Thursday.

Speaking at the first annual meeting of the betting authority, the minister said the legislation being prepared will enable continuation of the activity but in a way that will secure national interest and social benefit.

“It is an activity whose turnover, according to estimates, exceeds €100m per year but has been done in a completely unregulated way,” he said.

The minster also said the government has already submitted to parliament to privatise the state lottery and bring it under the control of the betting authority, a move that will bring a significant rise in state revenue.

He added that parliament was also discussing another bill regulating games offered by Opap.

The government’s policy on the matter “rejects the hypocritical across-the-board ban, but also the irresponsible and unregulated operation,” he said.

“A blanket ban only serves lawbreakers and the black economy,” Georgiades said. “Unregulated operation leaves society completely unprotected.”

The government’s approach, he said, was one of proper organisation and effective regulation of the market that will lead to the controlled growth of the sector to facilitate financial activity, attract investment, create jobs, and secure state revenues and social protection.

In the two years since its creation, the betting authority has succeeded in operating in a way that is perfectly in line with government policy, the minister said. Its main achievement was licensing of online betting in a way that ensures lawfulness and provider compliance with the conditions of their permit.