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November 16, 2013

Cyprus gambling laws - Betfair implicates the European Commission Court


betfair moves against Cyprus gambling laws Betfair has announced the plan to take its case against the Cypriot gambling authorities to the European Commission Court after stating that it believes their practices to be against the free markets principles of the European Union.

The European Commission is alleged to have received the complaints from the online sportsbook giant on Monday. Cyprus recently amended its gambling laws this July to adopt a strict no betting exchange gambling policy in the island country. Betfair is rumored to insist that these new policies are strictly undoing the betting exchanges available in Cyprus. Cyprus’ new anti-gambling laws they claim, not only prohibit betting exchanges such as Betfair from operating in the Mediterranean country, but also ban cash transactions by any operators associated with betting.

Betting exchanges have found huge popularity since Betfair began one of the first, with the principle behind them rather similar to that of a bet between friends. Instead of wagering at odds with the online sportsbook, players may set their own odds and wager against one or another with a fixed bet in mind. There is no ins or outs with betting exchange betting, there is either a win or lose outcome on most bets offered by Betfair, although sporting events aren’t the only things that one is able to bet on. General and Presidential elections have been proven popular in the past.

Betting exchanges heavily rely on players betting against one another in order for them to work. This is a concept that Betfair established in mid two thousand and has taken off ever since. Betfair remains to this day the single largest betting exchange on the internet; betting exchange being the preferred term to call this form of gambling, over its early incarnation the “open market betting”.

Betfair’s main complaint stems from the fact that only betting exchanges have been targeted; which could culminate in a flurry of sportsbooks gaining ground. Betfair’s principal defense is rumored to rely around the fact that they are merely a medium, not necessarily an operator in the betting exchange for the actual bettors are the players themselves.

In the meantime, Betfair has vowed to continue operations in the island country until either the Cypriot gambling laws are upended or the European Commission hears its complaint on the fairness of the matter. The European Commission often takes a considerable length of time deciding on such matters, and so the Cypriot gambling authorities it seems, will have to put up with Betfair for the time being.

Betfair stats (Yahoo! finance) denote a marked decline from April 2012


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