Cyprus gambling law outcasts BetFair Betting Exchange

Online betting exchange Betfair received some bad news this week, as Cyprus passed a law to ban online casinos, poker and exchange better. This is a battle which has been going on for a while, but while the country passed a law to regulate sports betting, exchange betting was left out in the cold. BetFair had been hoping that there would be a last minute change of mind, with the law stating that exchange betting would only be banned on Cypriot football teams instead of being shut down completely. BetFair will be hit in the pocket, because Cyprus, along with e Germany and Greece were highly profitable territories for them. Online sports operators from European member states who want to operate in Cyprus, will now also be subjected to a 10% tax on revenue, instead of the 3% of turnover as was originally proposed A further 3% of an operator’s revenue will also go to the Cyprus Gambling Board, which will be spread across things like the Cyprus Football Association and other programmes.