Online gambling affecting legal bets

 

THE spread of illegal online gambling establishments has contributed to a significant drop of legal betting, a top lawmaker said yesterday, as parliament continued discussion of a bill regulating online gaming.

Head of the Legal Affairs Committee, DISY MP Ionas Nicolaou, said data submitted showed a 20 per cent drop in the turnover between 2008 and 2009 – from €107 million to €82 million – which remained the same in 2010.

Nicolaou said one could link the fall to the appearance, during that period, of many so-called online casinos.

Horserace betting was also hit, recording a 20 per cent drop between 2008 and 2009 and 10 per cent in 2010.

Online gambling allows punters to bet illegally on foreign horse races.

Greek betting organisation OPAP, which also operates in Cyprus, has also been affected by illegal online gambling, Nicolaou said.

He said the data confirmed the immediate need to regulate online gambling so that the state collects the necessary tax and protect people from illegal betting.

 

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