Cyprus Poll: are you effected?

[WCD Admin]

How many of you have problems getting paid by affiliate programs due to the Cyprus bailout?

 

[Vladi]

None that I know of (yet?)

Any that try it on will find the reviews of their casinos immediately have a prominent warning plastered over them letting players know that their funds are not safe, warnings posted to forums etc.

If you have had payments delayed or cancelled, please name names.

 

[CygX1]

I am not aware of a reputable affiliate program located in that country either. Correct me if I am wrong.

 

[WCD Admin]

One of them has already paid up immediately, so I'd rather not name them, and the other ... still waiting ... yeah I removed all exposure until paid. I can understand a little blip, just was wondering if I was alone.

correction to my post, neither of the two have paid me. [although one promised it was sent]

 

[Guard Dog]

The only issue I have had is with an eWallet. Unfortunately it is a substantial amount and has been about 6 weeks in the waiting. Still biding my time...

 

[bonustreak]

I know of some having issues getting money off PS( trying not to mention bank names here since this is a public poll) they have sent a daily limit if $250 removable from the atm card. Email notices are coming that payments have been made to the EU account but the money does not appear in the account!! I almost have to wonder if some of the programs are actually holding on to our funds..

 

[Engineer]

I'm sure the less ethical programs will use this as an excuse to withhold payments, even if there really is no issue at all for them.

So far, I haven't been affected (knock on wood), but it's still early in the month....

 

[tryme1]

Well, I got a Neteller payment today from one of the only affiliate programs I know for sure is based in Cyprus, so no problems here (as yet).

 

[Daniel]

We have part of our activity there. The only effect is that during the next month we will need an invoice for wires and it will take few additional days. I apologies for the inconvenience but will be solved soon.

 

[KasinoKing]

I had a problem with one program last month (I'd rather not name them);
They couldn't pay me by the normal method of bank wire, but they did pay me by Skrill 2 weeks later.
I think it's unfair to criticise the affy programs just because they bank in Cyprus, where this situation was totally out of their control.

KK

 

[bonustreak]

Payments are coming in so far so good for us this month...

 

[WCD Admin]

We've had both our missing payments honored now!

 

[TinaP]

1'st post might as well make it good. Commission365 are having payment issues. This affects both affiliates and players.

bye

Tina

 

[247Livebet]

Hello guys,

I would like to provide some feedback and you can judge yourselves about this issue:

The banks were closed for 15 days
When the banks opened the Central Bank imposed limitations in transactions; up to 5k per day it is scrutinized only by the bank, above 5k-200k it is scrutinized by a special Committee formed by the Central Bank of Cyprus.

However due to the huge volume the banks have been receiving as everyone is breaking their payments over 5k into smaller chunks it takes ages for to the bank to process and approve the payment you effect.

Therefore it takes too long to make any payment abroad either this is called e-wallets or direct TT to bank accounts.

Cyprus used to be a Financial Services centre due to its low taxation and zero Financial transactions tax; therefore a lot of organisations formed companies and maintained their bank accounts there in order to benefit from these tax treatments. This is pretty basic tax planning for organisations that are well structured and operate in a correct corporate structure.

Nobody in the world expected such a treatment from Eurogroup and what came after it; as this is something that has no precedent anywhere in the world which.

So, now that you have all the facts it is up to you to judge...

 

[TinaP]

Cyprus used to be a Financial Services centre due to its low taxation and zero Financial transactions tax; therefore a lot of organisations formed companies and maintained their bank accounts there in order to benefit from these tax treatments. This is pretty basic tax planning for organisations that are well structured and operate in a correct corporate structure.

Cyprus has been in finacial trouble for many years now. The EU bailed them out last time.

I am not au fait on this but my understanding from what I've read, to receive a 2'nd bail out, Cyprus needed a capital gaurantor. Cyprus is practically broke and the only way was to levy banks accounts over €100,000 with a huge fee. I believe that's been discussed in the region of 40% tax. OK this is a world first. But knowing of previous finacial strife in Cyprus yet continuing to keep large sums of cash there seems very risque. Not something I'd expect well structured and organised companies and corporations to risk.

This lack of foresight with Cyprus is especially poignant in the context of online gaming. These companies and corporations invest 100's of thousands of dollars each year to enure network redundancy and fail-safe precuations for their online operations. But fail to protect their most valuable asset, cash. This seem more like a case of greed than correct corporate structuring.

bye

Tina

 

[247Livebet]

Dear Tina,

Allow me to correct some facts.

Cyprus didn't receive any bailout from EU ever before
Cyprus didnt have financial issues before. I would urge you to compare financial indicators even today which seem to be in line with EU averages. The problem arose due to the haircut that Cypriot banks suffered, some billions, due to the Greek government debt haircut!!! The deficit that the central government of Cyprus excluding banks was a bear 1 billion!!!

Not many companies predicted such a progress in the issue, mainly due to the financial facts, so most CFO didnt advise their organisations to move their money out.

The developments as these happened could not be predicted as even in the last hours before agreement a lot of esteemed international economists were stating that what was proposed by Eurogroup could potentially be endangering the whole Eurozone due to the consequences that a possible Cyprus economy bankruptcy, due to the measures requested, could cause.

Even today there is a lot of uncertainty in regards to results and problems that may be arising.

I hope i cleared a bit the mist

 

[Vladi]

1'st post might as well make it good. Commission365 are having payment issues. This affects both affiliates and players.

bye

Tina

Commission365 is based in South Africa and its casinos are licensed in Curacao. They have been slow paying players for at least 12 months. I don't think it has anything to do with Cyprus.

 

[TinaP]

Commission365 is based in South Africa and its casinos are licensed in Curacao. They have been slow paying players for at least 12 months. I don't think it has anything to do with Cyprus.

hi Vladi,
I've only posted what I'd be told by others. Should ask these questions to the Commission365 forum here.

bye

Tina

 

[TinaP]

hi Constantine,

Sorry, must have got my wires crossed.
Before Cyprus joined the EU they were a well funded country. Although they managed to ride out the 2008 crisis, it would seem they (Cyprus) have been hit hard by their EU partnership. Which I'm sure has played a substantial bearing on the melt down we see now. Not being able to honour payments to players or affiliates isn't good business, regardless of current events.

bye

Tina

 

[Gentling]

hi Constantine,

Sorry, must have got my wires crossed.
Before Cyprus joined the EU they were a well funded country. Although they managed to ride out the 2008 crisis, it would seem they (Cyprus) have been hit hard by their EU partnership. Which I'm sure has played a substantial bearing on the melt down we see now. Not being able to honour payments to players or affiliates isn't good business, regardless of current events.

bye

Tina

its very easy , come to northern cyprus ... where the world is still okay