Harris Georgiades, Cyprus’ Minister of Finance, estimated the bingo annual turnover of $118.4 million and announced the government's intention to regulate bingo activity. Speaking at the annual Council of Ministers, he said that such an activity should be taken under control in order to maintain the national interest and social benefit.
Bingo will not be completely banned. Georgiades also confirmed that the government has already submitted to parliament a legislative framework that aims at privatizing the state lottery. At a later stage, it will be supervised by the Cyprus National Betting Authority.
This serious step by the government is aimed at increasing the overall percentage of government revenue, observance of lawfulness in the gambling industry and players' protection.
Note also, that the Cyprus Parliament often discusses bills on the control and licensing within the gambling industry. The country's regulator had previously adopted a legislation on the online gambling legalization and had expanded the number of licensees.
