Betfair to pull out of Greek market

By GARETH MACKIE
Published on 26/11/2012 13:36

Online bookmaker Betfair is to pull out of the Greek market after claiming that new gambling regulations in the troubled country are “inconsistent with European law”.

Earlier this month, the Greek Gaming Commission (GCC) announced plans to impose financial penalties and criminal sanctions against gaming operators that continued to operate in the market without a permit.

However, Betfair said it has not applied for a permit because of concerns over the legality of the GCC’s decision.

The firm said: “We consider the gambling legislation in the country to be inconsistent with European law. Furthermore, the associated fiscal conditions attached to these permits, which may include payment of taxes on historical revenues, make the market economically unattractive.”

Betfair said that, before its decision to exit Greece, it had been expected to generate £13 million of revenue and £7m of profit from its operations in the country during the current financial year.