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At the moment, the European Union may be forcing the Mediterranean island of Cyprus to lose millions of dollars.  Several cash processing companies for online casinos have set up shop on the little island, but thanks to European Union trade agreements their may be very little the can do about it.

Law enforcement officials in Cyprus have received warning from the European Union that they must precede with caution if they choose to break up any of these organizations.  These processing companies for online casinos may be protected under the free movement of goods and services agreement between member nations of the European Union.

Cyprus is not the only country having trouble with the European Union when it comes to online casinos.  The United States is still receiving a lot of pressure from the European Union for disrupting the online casino market with the Unlawful Internet Gambling Enforcement Act.  Although the law does not outlaw online casinos, it did cripple the market in the United States by outlawing popular deposit methods.

However the case in Cyprus is very different.  The European Union has gone after several countries that have attempted to preserve state run gambling monopolies within their boarders, forcing them to open up their market to outside competition from online casinos.  Cyprus on the other hand is losing millions of dollars and they have always complied with European Union trade agreements.

“It pains us to see that Cyprus has become a free-for-all when it comes to illegal gambling,” said Ricos Erotokritou, Chairman of the House Institutions Committee.

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