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Betfair plans legal action against Cyprus’ new gaming law

9th July 2012 7:59 am GMT

The government of Cyprus has unanimously approved new gaming legislation which regulates sports betting but prohibits online casino and poker, as well as Betfair-style betting exchanges.

The new law regulates sports betting, charging a tax on net betting revenues of 10 per cent. An additional 3 per cent of net betting revenues will also be charged, which will be distributed to a new gaming board yet to be established.

The board will then transfer the funds to [...]

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