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Betfair Prepares To Exit Greece

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Betfair Withdraws From Greece

Betfair, one of the major European gaming companies, is now making plans to leave Greece because of the need for more clarity in regards to their regulation process.  Betfair is claiming that the existing Greek regulations do not comply with EU laws, which currently is only set up to regulate a “limited number” of products for operators.

Betfair isn’t the only one who is challenging the Greek position on these legal gaming requirements, as the Remote Gambling Association lobby group is also questioning the situation.

RGA Chief executive Clive Hawkswood is saying: “The regulations are blatantly protectionist in nature and if EU Internal Market rules mean anything then the European Commission must take prompt action to make Greece reconsider.”

So, for the time being, until the Greek government finds away to clarify and comply with EU laws, Betfair will be pulling out of the market.  They have the backing of the RGA and it looks like both camps will be seeking an answer soon or will take action like they’ve done in the past.

Greece just recently got the approval to extend their betting monopoly and is in the first steps of privatizing OPAP and selling its 33% stake needed to generate funds and pay EU loans.