Stanleybet has moved to launch legal action against the Cypriot government over legislation it alleges is in violation of European Union law.
According to the Cyprus Mail, the group’s Stanleybet Malta arm, which operates a Class A licence in Cyprus, is seeking more than €12.5 million ($10.8 million) in compensation for alleged loss of profits, loss of chance, prejudice to image and commercial reputation and legal costs.
In a statement announcing the legal challenge, Stanleybet said it has suffered serious damages as a result of police and prosecutorial action taken against the company under the law, adding that it has not been able to take bets on virtual events since June 2014.
The company has called for the 2012 Betting Law to be scrapped as Cyprus did not notify the final draft to the European Commission prior to it coming into effect.
In addition, the operator is seeking an injunction that would prohibit any action against the company regarding Stanleybet or its agents taking bets on virtual events.
John Whittaker, chief executive of Stanleybet, 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.”
Last year, Stanleybet was also involved in a legal case in Italy, over the decision by the Agenzia delle Dogane e dei Monopoli national regulatory body to grant a consortium led by IGT subsidiary Lottomatica a concession for the country’s Lotto game.
Related article: Stanleybet to challenge Lottomatica’s Italian Lotto concession