Class A licence holder wants over Euro 12.5 million in compensation
Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.
The Malta branch of the company operates in Cyprus under a Class A licence, but has been impacted and unable to accept bets on virtual events since mid-2014 by police and prosecutorial actions.
In a statement this week Stanleybet claimed that the 2012 Cyprus Betting Law is invalid because the government did not submit or notify the final draft to the European Commission for its opinion prior to implementation.
The bookmaker is additionally requesting a court injunction prohibiting official actions against it or its agents accepting bets on virtual events.
In the statement, Stanleybet CEO John Whittaker said:
"The Stanleybet Group has been successfully fighting for the recognition of its right to engage in the gambling and betting business in numerous member states of the European Union for more than 15 years.
"We have been before the Court of Justice on circa 10 occasions and on countless occasions before the European Commission and the national courts of all levels, where in the end we have always been able to obtain through European law what we had been unjustly denied domestically in the first place.
"We believe in the rule of law, and have no doubt that the Cypriot Courts will do justice to our rights."
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