The odds are, setting up a betting business in Greece won’t make much money, Betfair said today as it withdrew plans to enter the market.
The gambling group had been working on plans to enter Greece, but 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”. Betfair also fired off a warning to Athens’ politicians that Greece’s gambling market was “economically unattractive”.
Betfair said it had been expected to generate £13 million of revenues and £7 million of contributions from Greece before today’s decision. Earlier this month, the gambling group withdrew its online sports betting exchange in Germany because of a tax levied on stakes on sports events.
Shares in Betfair today fell nearly 2% on the news, down 13p to 739.5p.
MORE ABOUT