Betfair pulled out of the Greek market

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Betfair

Two weeks after announcing the withdrawal of its exchange product from Germany, sportsbetting exchange and online casino operator Betfair has has now pulled out of the Greek market due to a lack of regulatory clarity.

The London-based online bookmaker stated that it has so far not applied for a Greek operating licence as the value of these permits remains ‘unclear’ and it considers gambling legislation in the nation 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," read a statement from Betfair.

However, Betfair has pledged to continue working with the Remote Gambling Association (RGA) to ‘achieve legislation that allows fair competition in the market’.

"It is disappointing, however, that the European Commission has, despite previously stated intentions to the contrary, not taken effective action to prevent protectionist behaviour," read the statement from Betfair.

"On 5 November 2012, the Greek Gaming Commission issued a decision that includes provisions for financial penalties and criminal sanctions against gaming operators that continue to operate in the market without a permit. Betfair believes that there are significant issues with the legality of this decision. However, until greater clarity is received, we have taken the decision to withdraw from the market and will continue to support the RGA's efforts."

Before taking the decision to abandon the Greek market, Betfair declared that it had expected to generate revenues of £13 million alongside seven million pounds in contributions from the nation over the course of the current financial year.

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