Betfair Frets As Cyprus Bans Online Gambling

Betfair Frets As Cyprus Bans Online GamblingShares in the world’s largest online betting exchange Betfair have tumbled by 4.5% after Cyprus introduced legislation banning online gambling.
UK company Betfair derives around £9 million or 4% of its revenue from the Mediterranean island and recently signaled its intention to expand its Cypriot operation further this year, when news the bill had been passed was announced. Commenting on the new regulations, Betfair’s communications director Jonathan Oates said:
“This particular piece of legislation has been drafted for some while and we were hopeful it wouldn’t come to this..[in fact] we were hoping to expand if the exchange had been regulated.”
It would appear that at the heart of the Cyprus Government’s crackdown on internet gambling is a need for the country to better tax the foreign gaming companies. Betting exchanges like Betfair are “designed to facilitate the receipt or acceptance of bets between players,” with the company then taking a commission for being the intermediary. However, this process causes problems for governments who ordinarily tax gambling by placing levies on businesses which profit from losing punters..
Consequently, it is believed the regulations were passed in order for the government to avoid losing millions in tax revenues to online gambling companies. Nevertheless, Betfair has countered by suggesting the legislation was “inconsistent with European Union law,” and said it was considering legal recourse.
In the meantime, despite shares in Betfair dropping from 34p to 722p, analyst have said the setback was unlikely to impact Betfair’s long-term goals, with Vaughan Lewis from Morgan Stanley commenting:
“While regulatory setbacks are likely to occur occasionally, the broader trend towards European countries regulating online gambling should benefit market leaders such as Betfair in the longer-term.”

Other news:   Multi-state online poker compact bill introduced in Pennsylvania

Poker News
Mississippi Casinos Post Record Revenue in April as Sports Betting Beckons
04 Jun 2018
Mississippi’s casinos generated gross gaming revenue of $184 million in April, or 5% more compared to the same month in 2017. Furthermore, that total represents an all-time high for the state, and is 1.3% more than the previous record set in 2007 when thousands of volunteers entered Mississippi to assist in cleanup efforts post-Hurricane Katrina.
Switzerland Prepares For June 10th Legalized iGambling Referendum
04 Jun 2018
On June 10th, Switzerland will hold a national referendum to decide whether the ‘Money Gaming Act’ passed by the Swiss Parliament in September 2017 can be implemented next year in its present form. The piece of legislation paves the way for land-based casinos and local partners to offer legalized online gambling in Switzerland, although a
MGM Resorts International Buys NY's Empire City Casino for $850 Million
02 Jun 2018
Real estate and entertainment conglomerate MGM Resorts International has revealed that it’s embarking on a purchase of Empire City Casino, a slots and pari-mutuel wagering venue located in Yonkers, N.Y., just a few miles north of Manhattan. The deal was announced May 29 in a press release, and is expected to be completed near the
Delaware to Launch Full-Scale Sports Betting on June 5th
02 Jun 2018
Last month’s decision by the US Supreme Court to overturn the sports betting ban in the country has opened the floodgates for individual states to legalize and regulate sports wagering within their borders. Before its decision was even made, though, a number of states had already put in place the necessary legislation in order to