Wednesday April 9,2014 : BETFAIR CURTAILS RUSSIAN OPERATIONS
Strategy to focus on regulated and sustainable markets applied again.
Russia is the latest country to be placed the growing list of online gambling markets in which Betfair is cutting back on marketing and new player signups, or has exited altogether.
The UK betting group has announced in an advisory to affiliate marketers that from April 11 it will cease signing up new players from Russia and plans to cut back on marketing in the region as a result of recent developments in the sprawling Eastern European nation.
The company said it will also remove Russian language links from its site.
The advisory assures affiliates that existing revenue deals will be honoured, suggesting that existing players will continue to be serviced, although for how long is not known.
Recent Russian blacklisting moves of major online gambling operators are believed to be the motivation for Betfair's move, although CEO Breon Corcoran has repeatedly said that he wants the company's focus to be on sustainable markets, and to this end services have in the past been pulled from countries like Spain, Germany, Greece and Cyprus
The company clearly anticipates the negative effect on revenues that its business strategy will have, and has warned investors that revenue growth is likely to suffer.