New casinos could open their doors in Cyprus

Various companies are based in Cyprus or at least have some subsidiaries in this country, due to the fact that over the course of time it grew into a fiscal paradise. Much has changed lately, but Cyprus remains an attractive destination and there are reasons to expect it to act as a magnet for online casino operators. Some of these companies are willing to set up land-based casinos as well and all they need is favorable legislation to pass through.

megalottoBetVictor Casino is one of the operators who has enjoyed a long and lucrative partnership with local authorities, as their venture ran uninterrupted in Cyprus. The fact that they also run a poker room and a bookmaker doesn’t affect them in any way, quite the contrary. There are no reasons to expect them to set up a land-based casino, but European operators are very interested in what the legislators will do in the upcoming months.

Commerce Minister George Lakkotrypis appears to be a vocal supporter of legalizing gambling in all its forms in the Greek part of the island. It will all begin with a casino bill that is going to be submitted to the legislators this year, with the latter being the ones to decide whether the bill will pass or not. The best case scenario is for it to produce positive effects starting in spring 2015, making this part of the island accessible to casino operators.

The competition between land-based and online operators is not going to be a problem, because the latter serve an entirely different audience. The fact that they are based in Cyprus grants them an edge over other operators that are subject to less permissive national legislation, but these casinos are targeted at European gamblers. Only time will tell whether land-based casinos here will have enough customers, since similar ventures are already up and running in the Turkish side of Cyprus.

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