Greek Online Gambling Proposal Questioned by Betfair

Published Friday, June 10, 2011 - Online-Casinos.com

Betfair is one of the world's largest international online sports betting providers and pioneered the betting exchange in 2000. Driven by cutting-edge technology, Betfair enables customers to choose their own odds and bet against each other. The company now processes over five million transactions a day from its three million registered customers around the world. In addition to sports betting, Betfair offers a portfolio of innovative products including casino, exchange games and poker.

Betfair has twice been named the UK's 'Company of the Year' by the Confederation of British Industry and has won two prestigious Queen's Awards for Enterprise, being recognized for Innovation in 2003 and most recently for International Trade in 2008. Betfair currently employs over 2,000 people worldwide. The company holds betting licenses in Gibraltar, the US, Tasmania, Italy and Malta.

Greece has recently revised its rules on internet gambling which includes a blanket ban on betting exchanges. Betfair has  filed a formal complaint with the European Commission regarding the proposed prohibition and Betfair’s  involvement in this type of business.
A comment from the company’s Chief Legal and Regulatory advisor Martin Cruddace, who points out the issue Betfair has with the Greek government, “Having played a constructive role in the preparatory phase of the draft Greek gaming law, we were disappointed with the inclusion of elements within it which unfairly discriminate against Betfair and are clearly incompatible with EU law. “ Cruddace continued, “We have therefore asked the Commission to review the matter and engage with the Greek authorities, with the aim of addressing the concerns raised in our complaint."

The Greek government has been taking steps to modify the proposed new legislation amid concerns by politicians that the legislation was too extreme and went beyond to include, “full deregulation of gaming and gambling.” Changes in the original proposal presented last January include a more equitable tax regime and less stringent rules on operator licenses. 

 

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