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Will Sports Betting Provide Financing to Cypriot Football?

27 June 2020, 11:12
Votes: 2

According to the latest news about the sports betting market in Cyprus, the government is going to consider an initiative to provide sponsorship to football programs from bookmakers’ taxes.

Will Sports Betting Provide Financing to Cypriot Football?

This initiative will become a supplement to the existing sports betting laws. The government representatives, responsible for the bookmaking vertical, are sure that this project will help to support and develop the football sector in the country.

It will be a considerable contribution to football

Some members of the parliament suggest taking 0.3% from betting taxes for sponsoring various football programs. The government will give the money to the PASP (Pancyprian Footballers Association) to ensure that the organization has enough financing for all its spheres. The parliament was ready to launch this initiative several years ago. Now is the best time to benefit from it as the PASP president says that it may bring much profit to Cypriot sports.

Starting from 2012, bookmakers, both virtual and land-based stores, have the permission to operate in the territory of the country. Currently, their taxes consist of ten percent given to the government and three percent – to the problem gambling fund.

Read more: Essential information about betting on sports

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