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Cyprus Bookies Welcome Gambling Proposals

26 September 2005

CYPRUS – As reported by the Cyprus Mail: "Two of the biggest betting companies in Cyprus have come out in favour of a proposal for a new law governing gambling. The law, which is currently being drafted, will see tax reduced or abolished, the opening up of the market, allowing other operators to stage races, and foreign bets allowed.

"Loukis Ioannou of Megabet yesterday told the Cyprus Mail, 'this legislation should have already been introduced. It's good for the market and in my opinion, the main aim is to stop illegal betting, which is the biggest problem in our industry.'

"…The General Manager of Royal Highgate, Yiannakis Pavlides joined Ioannou in support of the changes. 'By reducing tax, illegal betting will be clamped down on. We are the only country in the EU with such high taxes, specifically 25 per cent on football bets, which drives people underground. I am in agreement with abolishing the tax and I also support placing bets on foreign horse races, as this will give more opportunities to players, who won't have to go online. At the moment we only have a certain amount of games available to players, but if the law is more flexible we will have the opportunity to introduce new games and bets.'"

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