26th of November 2012 Author: Johnny Karp
Announcing its withdrawal from the Greek market, online betting exchange Betfair said the reasons for such a move is the current lack of clarity on gaming regulation and on the cost and conditions associated with gambling permits which would allow it to trade in the country.
According to a Betfair spokesperson, '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. The associated fiscal conditions attached to these permits, which may include payment of taxes on historical revenues, make the market economically unattractive."
Regarding the legality of the Greek Gambling Commission's stance that firms operating in the country without a permit would face financial penalties and criminal sanctions, Betfair expressed dissatisfaction with the European Commission's failure to address such protectionist behavior.
It has been reported that this decision will be a costly one for Betfair which will lose some GBP 13 million in revenues which it expected to generate from the Greek market in the current fiscal year.
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