Betfair pulls out of Greece
Betfair said it is to withdraw from the Greek market over new regulations that it called protectionist and inconsistent with European law.
Betfair said it is to withdraw from the Greek market over new regulations that it called protectionist and inconsistent with European law.
Earlier in November the Greek Gaming Commission announced there would be financial penalties and criminal sanctions against gaming operators that continued to operate in the market without a permit.
Betfair said it had not applied for a permit due to questions over the legality of the Commission's decision.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
It added that the associated financial conditions attached to these permits, which could include payment of taxes on historical revenues, made the market "economically unattractive".
Before its decision to withdraw from the market, Betfair had expected to generate £13m of revenue and £7m of profit from the Greek market in the current financial year.
"Betfair has been working with the Remote Gambling Association to achieve legislation that allows fair competition in the market," the firm said in a statement.
"It is disappointing, however, that the European Commission has, despite previously stated intentions to the contrary, not taken effective action to prevent protectionist behaviour."
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Warning as Brits face €6,900 fine if they fail to follow new Spanish travel insurance rule
Tourists are being warned of new rules in Spain that mean you must have fully comprehensive health cover in your travel insurance
-
Rachel Reeves to announce permanent 95% mortgage guarantee scheme
Mortgages offered through the scheme will mean first-time buyers and home movers can buy a home with a deposit of just 5%