The administration of Cyprus is carefully examining its sole gaming contract with the gaming behemoth OPAP.
This follows reports that the National Betting Authority (EAS) has commenced a crackdown on an estimated 2,500 unlicensed internet gambling operations believed to be targeting players in Cyprus. The EAS informed legislators that they intend to block all websites providing these games, as online casinos are prohibited in Cyprus.
The Cypriot Ministry of Finance has authorized the agency’s actions, which are designed to create a fair environment for sports wagering companies seeking licenses in Cyprus. As part of the enforcement effort, the agency has instructed all parties involved to cease accepting wagers from accounts situated in Cyprus.
During their inquiry, the committee is also evaluating an interstate pact with Greece that grants OPAP exclusive privileges to lottery number games in Cyprus. OPAP has been operational in Cyprus since 1969. However, the gaming titan has faced scrutiny after it was disclosed earlier this year that the government was losing an estimated €1 million monthly under the existing agreement, in which OPAP remits approximately €10 million in taxes. The Cypriot government now desires for OPAP to increase its yearly fixed payment twofold and contribute an additional 20% tax on gross lottery earnings.
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