Betfair complains on Cyprus

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The company says that against the free market principles a Cypriot law should be applied

A formal complaint will be launched by Betfair in Monday with the EC, has announced the company, regarding the Cypriot gaming legislation newly passed. It may lead to Cyprus betting exchanges inability to operate legally.

In early July of 2012, the Cypriot Parliament adopted the new law, which prohibits betting operators to initiate cash betting transactions.

The complaint of Betfair to the EC, according to a statement from the company, says that on betting exchanges any attempted ban is a disproportionate and discriminatory breach of European Union law as it only should be directed to exchange providers with remaining unaffected all other sports betting products.

The restriction has been justified by the authorities in Cyprus as lowering the risk on match fixing and money laundering.

For the information exchange with the Football Association of Cyprus, a MoU has recently been signed by Betfair and a numerous Cypriot football teams’ sponsorships have been undertaken by it.

The Betfair’s regulatory and legal chief officer, Martin Cruddace, said:

In the draft Cypriot law preparatory phase, having played a constructive role, the inclusion of elements discriminating unfairly Betfair disappointed us. They are also clearly incompatible with the law of EU. The Commission has therefore been asked by us to engage and review the matter with the authorities of Cyprus. The aim is to address the concerns our complaint raises.

“In any jurisdiction it operates, Betfair has a track of records for working alongside governments cooperatively and is a responsible and transparent operator. Against the free market principles of Europe goes the current law of Cyprus and to work with the Cypriot governments and the Commission we look forward so that our Cypriot customers can continuously be provided with the best there is exchange product of Betfair.”

Its Cyprus operations are intended to be continued by the company while heard by the European Commission is the complaint.