The Cyprus Government intends to regulate bingo gambling, as confirmed by the Finance Minister of Cyprus, Harris Georgiades, last Thursday, at the 1st Annual meeting of the National Betting Authority.
Mr Georgiades stated that the new legislation “will secure national interest and social benefit”.
“It is an activity whose turnover, according to estimates, exceeds €100m per year but has been done in a completely unregulated way,” the Minister added.
The Finance Minister has mentioned that the parliament is discussing another bill for the regulating games offered by gambling monopoly Opap.
The Government’s policy is to reject “the hypocritical across-the-board ban, but also the irresponsible and unregulated operation,” “A blanket ban only serves lawbreakers and the black economy,” “Unregulated operation leaves society completely unprotected.”, the Minister added.
Mr Georgiades mentioned that the Government has submitted to the parliament a measure to privatise the state lottery which will be placed under the control of the National Betting Authority.