The Euro Currency Changes Online Gambling

Published on: January 12, 2008 

The total number of Euro Currency countries has grown by 2 recently as Cyprus and Malta have chosen to convert there to as well. What does that have to do with online gambling? Both Cyprus and Malta are major hubs for online gambling companies, casinos, and sports books.

The small nations with major power in the gambling world will now have more power in the European Union, as with this change they can now vote on any issue involving EU countries. The size of the countries does not matter as all member of the EU’s central bank have the same voting rights.

In preparation for the change, both countries sent many currency converters into homes. Cyprus recorded as many as 300 thousand people sent in to assist householders with the conversion. Along side of this, Malta is maintaining a telephone hotline and 59 Euro Conversion Centers to answer questions to anyone involved in the change. The goal is to make the currency conversion as smooth as possible for both private citizens and businesses.

Each country will continue to use the Lira and Pound as their legal tender until the expiration of January. Once the month changes so will the legal currency of both countries entirely to the Euro. Their commercial banks have agreed to continue to convert the Maltese Lira and Cypriot Pound into the Euro free of charge until the expiration of March. The Central Banks of both countries will continue the fiscal exchange until 2017. After that time it is the hope and endeavor to have it all of the citizens from both countries converted into the currency of the EU. As this change is being implemented the Finance Minister of Cyprus noted that the Euro holds great value with low inflation and interest rates in large and growing market

Along the Turkish controlled northern portions of Cyprus, the Euro has already been accepted commonly, doing so has encouraged incredible growth in the cross boarder commerce arena. The island has been divided into northern and southern portions since 1973. The limitations have restricted many businesses growth and expansion opportunities. In 2003 the Turkish authorities in Cyprus opened approved crossing points, which opened the south for incredible shopping opportunities not previously available. This traffic did not limit itself to one direction as the northern portion held the casino entertainment industry, and some bargain shopping deals not open to the southern residents of Cyprus prior to 2003. With the adoption of the Euro, the island is looking closer to merger.

How does this effect online gambling? By allowing the Euro to permeate the countries, the online gambling and online casino businesses will be able to offer larger awards, incentives and more lucrative opportunities as many of them are more open to the European Nations involved with the European Union than they were before. More customers equals more money that is available to be paid out.

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