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Betfair said it will withdraw from the Greek market
11/26/2012 : BETFAIR TO EXIT GREEK MARKET
Market currently economically unattractive
Online betting exchange Betfair said it will withdraw from the Greek market until such time as there is greater clarity on gaming regulation, according to a Reuters report.
Betfair's battle with the Greek Government questioned the cost and conditions associated with gambling permits which would allow it to trade in the country.
"According to legal advice received, the value of these permits is unclear and we consider the gambling legislation in the country to be inconsistent with European law," a Betfair spokesperson said. "The associated fiscal conditions attached to these permits, which may include payment of taxes on historical revenues, make the market economically unattractive."
Betfair has significant issues with the legality of the Greek Gambling Commission's stance who said earlier this month that firms operating in the country without a permit would face financial penalties and criminal sanctions.
The firm expressed its disappointment on the European Commission's failure to address what Betfair terms Greece's protectionist behaviour.
This is the second market that Betfair has withdrawn from in as many months, as it left the German market due to a sports event stakes tax which came into force in July 2012 ).
According to Reuters, the decision will cost Betfair around GBP 13 million in revenues which it expected to generate from the Greek market in this current fiscal year.
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