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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.
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."
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.
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."
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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.
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are they saying the Greeks are mugs that lose almost half of what they bet?
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are they saying the Greeks are mugs that lose almost half of what they bet?
it really depends how many under 4.5/over 2.5 matches there are 
Nov 26, 2012 -- 12:22PM, sugarfoot wrote:
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.-----------------are they saying the Greeks are mugs that lose almost half of what they bet?
No they are giving bad news to their stockholders. 
Hello, I am Greek too, Is there any way of continue betting here after 3rd of December?
I think I can work it out with Ip changing, but what should I do about Adress verification?
I think I can work it out with Ip changing, but what should I do about Adress verification?
Ofc I wont move to another country just for betting ...
But also thinking of moving for financial reasons.. after I finish my college
But also thinking of moving for financial reasons.. after I finish my college
If you are coming here just dont expekt opened doors. Its not a green trading island as I thought when I was coming here. You might need to find a work coz when you will be telling them what you do, in their eyes you will be addicted gambling stranger. Its still unregulated as well.
ofc I will try to find a work.
Gambling is (till now) a profitable hobby for me, nothing more.
Gambling is (till now) a profitable hobby for me, nothing more.
time was most of the casinos around me were owned by greeks...
agaz 26 Nov 12 13:07
Moving to the UK is not a bad idea.
why don't you move to Russia, i'm sure Andrew Mat won't mind letting you stay with him
Moving to the UK is not a bad idea.
why don't you move to Russia, i'm sure Andrew Mat won't mind letting you stay with him
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