Troubles in Cyprus

In case you have not heard on the global wire lately, the country of Cyprus is experiencing severely poor economic conditions. They are in process of receiving money from the EU and IMF to make sure their banks to not become insolvent. Unfortunately many online casinos, poker rooms and sports books use the Cyprus banking system for their business. If you have experienced a delay in receiving a requested withdraw this is the reason why. It is not a concern that the actual casino operators do not have money to meet their obligations, it is a case of the banking system in Cyprus slowing down requested withdraws.

We have been in close contact with all the casino operators we recommend on our website to stay abreast of the situation. The good part is that some have begun to process withdraws and they are now just dealing with a back log. This is not the fault of the actual casinos but rather the regulations placed on the banks and the concern that the banks may actually run out of money. Of course the European Union will not allow the country to go bankrupt and will provide them and the banks with the influx of capital they need to keep a bad situation from getting worse.

We are confident this will be resolved shortly and the casinos are already moving their banking solutions to other countries. The casinos have plenty of cash “on the books” at their banks and none are in trouble of defaulting to their players. Players will just need to be patient in the coming days and expect a delay in their withdraws. Future withdraws are already being planned from other banking institutions to avoid any further delays.

Again we do expect every player to be paid that is currently waiting on a withdraw in the next few days. We ourselves are waiting on substantial amounts of money but are not concerned after speaking with the operators. We will update the situation here in our news section as we learn more as we are in contact with the casino operators daily.

For more information see this link from the BBC http://www.bbc.co.uk/news/business-22116270