BUSINESS

Betfair unhappy at Cyprus; Italy close to new monopoly director; Topping bemoans

TAGs: AAMS, cyprus, Italy, Ralph Topping, social gaming, William Hill

betfair italy william hillBetfair have voiced their disapproval of Cyprus’ controversial online gaming industry bill. A release from the company stated: “The legislation contains serious flaws and, in certain areas, is inconsistent with European Union law”. Betfair are likely to be uppity as the bill bans both casino games and much more importantly exchange betting. The latter was only removed last week at the committee stage and will anger the company as Core Betfair earned 4 percent of its revenue in FY12 from the island. The company added that they are “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”.

Italy has appointed a new head of the Agenzia delle Dogane e dei Monopoli responsible for gaming laws and legislation. According to Asca.it, Luigi Magistro will take up the Director General of the State Monopoly role, which was vacated by Raffaele Ferrara, and it’s understood the appointment will be confirmed within days.

William Hill CEO Ralph Topping has revealed they won’t be catching the social gaming bug until it’s been regulated by the UK government. Ralph, writing on his personal blog, stated the area “is not currently regulated as a product group” and William Hill “thinks it should be”.

“It cannot be right that a child can buy chips to play on an online slot which is (almost) as good as anything you’ll find on williamhill.com,” Topping said. “In fact, it might even pay out more than a slot you might find on an online gambling site, which could also encourage the vulnerable. But that’s OK because the chips aren’t real money. Or are they? I recently read an analyst’s report which suggested you could buy £69.99 worth of chips in one go off one popular site and there’s no limit to repeat purchases.”

Why decide not get involved? They “take the Gambling Act and our social responsibilities very seriously” of course.

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