9th of July 2012 Author: Glo Wood
Massive losses may be seen by the company thanks to the decision to include betting exchanges into the banning law
The fierce reaction of online gambling group Betfair plc to the ban on internet gambling and betting exchanges in Cyprus could be easily foreseen, as around 4 percent of its revenues (around GBP9 million) come from the Mediterranean island alone.
Therefore, outraged by the move, the company announced that it is considering legal action against the Cyprus government.
It stated in a stock exchange advisory on July 9::
"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 percent of revenue from Cyprus and this revenue made a contribution of approximately GBP 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."
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