Betfair quits Greek gambling market

BRITISH betting exchange Betfair has quit the Greek marketplace, citing regulatory uncertainty over gambling law in the cash-strapped country.

The company said it had previously operated in Greece without a local permit as they "consider the gambling legislation in the country to be inconsistent with European law".

However earlier this month the Greek gambling commission threatened criminal charges and financial penalties if betting firms operate in the country without permission.

Betfair said the threatened charges – which may include payment of taxes on historical revenues – made the market economically unviable.

Greece had been expected to provide Betfair with £13m of revenue and £7m profits this financial year.