Betfair Responds To Cyprus Betting Ban
Internet based betting exchange Betfair plc has issued a response to the banning of online gambling and betting exchanges by the government of Cyprus, stating that it is considering legal action against the island nation.
A stock exchange advisory by Betfair released on Monday read:
“Betfair notes the decision of the Cypriot Parliament on Friday to introduce gaming legislation that restricts the products that operators can offer in the country. Product restrictions include online casino and poker as well as bets “designed to facilitate the receipt or acceptance of bets between players”.
“The company believes that the legislation contains serious flaws and, in certain areas, is inconsistent with European Union law.”
“In FY12, Core Betfair generated approximately 4% of revenue from Cyprus and this revenue made a contribution of approximately £9 million before allocation of central costs.”
“Betfair is working with advisors to understand the potential implications on its business and will be taking all necessary steps to reduce the impact on profitability through both legal action and cost management.”
Written by: Petter