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Betfair Leaving Greece

Internet betting firm Betfair has announced that it will be leaving the Greek market because of a lack of clarity regarding the country's gaming regulations.

A company spokesperson speaking about the move said: "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."

The company has clashed with the Greek Gambling Commission, who said that companies operating inside Greece without a permit could face criminal and financial penalties.

The move will be costly for Betfair, who stood to make an additional £13 million from the European country during the rest of the fiscal year.

Betfair also exited the German gaming market earlier this year because of a sports betting tax that was signed into law.

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