Retail and online betting firm Stanleybet has announced that it has filed a lawsuit against the government of Cyprus after several raids and prosecutorial actions reportedly damaged its business.
Stanleybet has been unable to accept bets on virtual sports since the 2014 actions. Stanleybet is seeking €12.5 million in compensation, noting that the raids were conducted in an illegal manner, as the 2012 Cyprus Betting Law was not submitted to the European Commission. The group claims that the raids affected the group's reputation, cost Stanleybet substantial legal costs, and also hit the company's bottom line severely.
Speaking about the lawsuit 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."