Betfair to withdraw from Greek market

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Betfair to withdraw from Greek market

Postby MarkRussell » Mon Nov 26, 2012 9:16 am

Betfair Corporate has made the following the announcement (issued 26-Nov-2012):-

Betfair Group plc ("Betfair") today announces that the company will withdraw from the Greek market until such time that there is greater clarity on the regulatory situation.

Betfair has, to date, not applied for a permit to operate in Greece as, 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. Furthermore, the associated fiscal conditions attached to these permits, which may include payment of taxes on historical revenues, make the market economically unattractive.

Betfair has been 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.

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.

Prior to our decision to withdraw from the market, Betfair had been expected to generate £13 million of revenue and £7 million of contribution from the Greek market in the current financial year.
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