Betfair Takes Legal Action Against Cyprus

This month, Cyprus has banned a legislation that bans most forms of online gambling, and Betfair is none too pleased with the result. As such, the company is threatening to take legal action about the country, as it believes that the new law is not in line with European Union free trade regulations.

Cyprus is one of the most profitable online gambling markets for Betfair. Over the course of the past year, 4% of the company’s profits came from the country. With the news that Cyprus is banning online gambling, Betfair stands to lose a great deal of money. As such, the company is consulting with advisors to determine the potential losses and figure out how to make up for them.

This is one of many recent cases of a country attempting to ban online gambling in the European Union. It has played out in the same way as many other similar situations. Since the EU requires free trade, even in the online gaming market, it is not entirely fair for a country to ban the activity. As such, Cyprus is just one of many countries to upset the European online gambling market lately.