During a tense vote, members of the Cyprus Parliament approved a bill increasing the fee from licensed betting operators from 3% to 4.5% of net profit.
Additional funds aimed at supporting football clubs and their youth academies will be managed by the Cyprus Sports Organization (CSO).
The amended betting laws for 2019 and 2020 promised to benefit 97 football clubs from various leagues. The Accounting Chamber's report highlights that many clubs have not fulfilled their debt repayment plans, and 14 of the 19 debtor clubs have accumulated new debts.
The new legislation is a comprehensive attempt to solve the financial problems of Cypriot football, generating support and criticism in almost equal measure.
Paydex — payment ecosystem for e-commerce businesses of any size
Additional funds aimed at supporting football clubs and their youth academies will be managed by the Cyprus Sports Organization (CSO).
The amended betting laws for 2019 and 2020 promised to benefit 97 football clubs from various leagues. The Accounting Chamber's report highlights that many clubs have not fulfilled their debt repayment plans, and 14 of the 19 debtor clubs have accumulated new debts.
The new legislation is a comprehensive attempt to solve the financial problems of Cypriot football, generating support and criticism in almost equal measure.
Paydex — payment ecosystem for e-commerce businesses of any size