In Cyprus, members of the House finance committee recently discussed several bills regarding betting and games of chance—in particular an interstate agreement with Greece which allows betting giant OPAP a monopoly on lottery games in Cyprus.
The auditor-general reported the government loses more than $1 million per month under the current 2003 arrangement. He added OPAP in Cyprus pays more than $10.5 million in taxes, however, as a result, the nation is losing additional tax revenue of another $10.5 million annually. Cyprus attempted to withdraw from the interstate agreement with Greece in 2014, asking for one year to prepare legislation regulating the lottery market. However, the government later reversed its intention to end the agreement.
Recently the finance ministry submitted to the House a new bill that would grant exclusive rights to a single provider to operate specific lottery games in Cyprus for a stated period of time under certain conditions. The bill also would require the provider to pay the state 24 per cent tax on its gross profits or a minimum of $21 million per year, depending on which is greater. Currently OPAP pays a 30 per cent tax in Greece.
In addition, the National Betting Authority told the House committee it is blocking around 2,500 online gambling websites that offer online casinos, which are banned in Cyprus.
