Online gambling exchange Betfair has confirmed it will pull out of Greece following concerns about the country’s new permit system.
Betfair has called into question the cost and conditions associated with the permits as well as maintaining concerns about the Greek Gaming Commission’s recent announcement that firms operating in Greece prior to regulation would face financial penalties and criminal sanctions.
The company, which has not yet applied for a permit, 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 Betfair statement added that the combination of permit cost and taxes on historical revenues makes the market “economically unattractive." The move follows Betfair’s recent decision to withdraw from the Germany market for tax reasons.
