Betfair Standing Up For Its Online Betting Exchange in Cyprus

Published Tuesday, September 11, 2012 -

It is the largest online gambling operator in the United Kingdom and the largest betting exchange on the planet and Betfair continues to find challenges in the industry. With the CFO and the CEO changing at the helm Betfair seems to be on the right track with new blood and new approaches. The business of gambling should be treated equally when it come to fair play in the electronic economy within the European Union.

The firm has formally filed a complaint with the European Commission that calls for a ruling on the legality of a new law in Cyprus regarding the betting exchanges’ future. Betfair said in a statement to the E.C. “ Any attempted ban on betting exchanges - player-to-player betting - constitutes discrimination and violates EU law as it “may apply only to exchange providers, with all other sports betting products remaining unaffected,”

Martin Cruddace, Betfair’s Chief Legal and Regulatory Officer continued to comment, “We have therefore asked the Commission to review the matter and engage with the Cypriot authorities, with the aim of addressing the concerns raised in our complaint,” Cruddace, continued, Current Cypriot law goes against European free market principles and we look forward to working with the Commission and the Cypriot government so we can continue to provide our Cypriot customers with Betfair’s best-in-class exchange product and odds value.” Betfair was also angered by the suggestion that exchange betting was the cause of more risk of corruption. Betfair said “They have been unable to produce any evidence of increased risk of money laundering through exchanges, as required by EU law, to substantiate these claims,”

The European Commission must act to create a uniform framework for the laws governing the online gambling industry and until they do it will continue to see these problems arise. The European Union is online and interactive and there is no doubt it will continue to get faster and more productive as technology advances.

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