Online Betting Provider Betfair Leaves Greek Market

Greek online betting provider Betfair announced its intentions to exit the Greek market.

The operator said it is not planning to return until there is greater clarity on gaming regulation and the Greek gambling laws.

Betfair claims the cost and conditions associated with online gambling licenses would make operation next to impossible in the country. Betfair also doubts the legality of the Greek Gambling Commission's decision earlier this month, which deemed online gambling companies operating in the country without a permit illegal. Such companies are to face heavy fines and criminal sanctions from the beginning of next year.

A Betfair spokesperson revealed: "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."

Betfair added: "The associated fiscal conditions attached to these permits, which may include payment of taxes on historical revenues, make the market economically unattractive."

The online betting company is also highly disappointed with the European Commission's failure to take measures against Greece's protectionist behavior.

According to Greek gambling news, Betfair could lose up to GBP 13 million in expected revenues from the Greek gambling market this fiscal year.

Betfair also exited the German market after a heavy a sports event stakes tax was introduced in the country in July 2012.

In related news, the trade body Remote Gambling Association (RGA) launched legal action against Greek online gambling regulations and authorities at national and EU levels.