Betfair fights Cyprus ruling

 
Marion Dakers
ONLINE gambling group Betfair has complained to the European Commission about restrictions on its business in Cyprus.

Betfair argued yesterday that any ban on betting exchanges is discriminatory and disproportionate and so breaches EU law.

“Current Cypriot law goes against European free market principles,” said Betfair chief legal and regulatory officer Martin Cruddace.

The firm’s shares dropped in June when Cyprus unveiled the laws, but Betfair stock closed up 1.9 per cent at 748p yesterday.