Betfair - Greece

[edmond1]

"We regret to inform you that, as from Monday 3rd December 2012, we will no longer offer gaming and betting services to customers located in Greece. This is due to a decision by the Greek Gaming Commission that includes provisions for financial penalties and criminal sanctions against gaming operators that continue to operate in the market. Our products will therefore be unavailable to customers located in Greece. This impacts all products across all platforms. Betfair will continue to work with the Remote Gambling Association (RGA) to lobby for legislation that allows fair competition in the Greek market.

What does this mean for customers located in Greece?

From approximately 11am GMT (1pm local Greek time) on 3rd December 2012 customers in Greece will be unable to access any Betfair gaming and betting services. If you normally access the site from Greece and you hold positions on exchange markets then we encourage you to trade out as a matter of urgency prior to 3 December.

Bets on the exchange which have already been placed or fixed odds bets (e.g. Greek football champions 12/13) will be settled in the normal way once the result is known. After 3 December all bet placement functionality will be disabled. You will still have access to your account for purposes other than betting and gaming activity and your deposits are safe. This will allow you to make withdrawals from your account as usual for the time being.

If you have any further questions our helpdesk will be pleased to assist you. We’d like to ask for your patience when contacting them as they are expecting to receive a high volume of enquiries in the first few days. The best way to contact them is via email to hellas@betfair.com or our hotline: 80 1300 3230"

[horses4courses]

Betfair, and economic austerity measures, just are not a good mix..... ;)

[thaskalos]

And to think that I was planning on moving back there upon retirement...:ThmbDown:

[horses4courses]

And to think that I was planning on moving back there upon retirement...:ThmbDown:

Oh man....some of the Greek Islands in the Mediterranean are true paradise.
Just stay away from Athens...... ;)

[Al Gobbi]

so this is two markets this month alone that Betfair has pulled out of. And they have just named a new CFO in Alexander Gersh.

[edmond1]

so this is two markets this month alone that Betfair has pulled out of. And they have just named a new CFO in Alexander Gersh.

Which was the other market ?

[Al Gobbi]

Which was the other market ?
Germany.

[Some_One]

I doubt either loss will hurt the racing markets too much, more of an impact in the soccer markets.

[usedtolovetvg]

Those two markets are about 17% of BF total revenue. There may be more on the horizon. The Euros are desperate for $$$$$$ and they are not getting enough with the way BF does its accounting. Seems a bit weird that they can conduct business in some Euro countries but not all. I thought that was the purpose of the European Union. I'd be pretty confused (and pissed) if I was BF.

[edmond1]

Shares fell 1.8% today.

[precocity]

greece - texas same sh-t!

[tophorse1145]

Well, Its a bad news for the Greece people!!

[Robert Goren]

This sound like what the US government did to online poker. When the conservatives come to power, one the first thing they look at is de-legalising at least some form of gambling. The sad thing is that when the liberals come back into power, they put re-legalising it on the back burner. At least that is what happens here. A lot of conservatives politicians are morally opposed to gambling. The liberal politicians don't give a damn one way or the other unless it can raise a lot of money for the government. It looks like things are the same in Europe as they are here. Although with Betfair, who knows. Sometimes they act very strangely to say the least.

[DeltaLover]

This sound like what the US government did to online poker. When the conservatives come to power, one the first thing they look at is de-legalising at least some form of gambling. The sad thing is that when the liberals come back into power, they put re-legalising it on the back burner. At least that is what happens here. A lot of conservatives politicians are morally opposed to gambling. The liberal politicians don't give a damn one way or the other unless it can raise a lot of money for the government. It looks like things are the same in Europe as they are here. Although with Betfair, who knows. Sometimes they act very strangely to say the least.


For the case of Greece I assure you that banning BF has absolutely nothing to do with moral opposition to gambling.

In Greece exist a state affiliated book maker with thousands off betting locations (similar to OTB) where you can bet horses, soccer, basketball and many other events.

The problem with BF is that they do not like the imposed taxing scheme so they decided to stop opperating there. Nothing else..

[Robert Goren]

For the case of Greece I assure you that banning BF has absolutely nothing to do with moral opposition to gambling.

In Greece exist a state affiliated book maker with thousands off betting locations (similar to OTB) where you can bet horses, soccer, basketball and many other events.

The problem with BF is that they do not like the imposed taxing scheme so they decided to stop opperating there. Nothing else.. Then what in happen Germany?

[usedtolovetvg]

Then what in happen Germany?

The same thing.

[Al Gobbi]

There is growing speculation in the UK that when Breon Corcoran gives his address next week that there will be more cost-cutting announcements and maybe even more exit plans for the company.

[usedtolovetvg]

Let's hope that the entire management team at Betfair USA is part of that cost cutting. As far as I can tell, their business performance here has been an abject failure. Of course, from a personal gambling and social perspective, one could probably call it a success.

[edmond1]

Let's hope that the entire management team at Betfair USA is part of that cost cutting. As far as I can tell, their business performance here has been an abject failure. Of course, from a personal gambling and social perspective, one could probably call it a success.

Probably wouldn't make a difference who was in charge - THEY are just not going to let them operate here - no matter how much Betfair pays off .....

[Al Gobbi]

http://blogs.courier-journal.com/horsebiz/2012/12/05/tvgs-owner-readying-for-cost-cutting/

[Some_One]

Let's hope that the entire management team at Betfair USA is part of that cost cutting. As far as I can tell, their business performance here has been an abject failure. Of course, from a personal gambling and social perspective, one could probably call it a success.

It was a bet on the exchange wagering concept quickly getting approved which would give TVG a clear heads start advantage in the market. Obviously the brits don't know how slow change happens in the US

[Al Gobbi]

Betfair pulling out of a dozen countries, including Canada

http://www.drf.com/news/betfair-pulling-out-dozen-countries

[usedtolovetvg]

With not too much effort, the industry could send these guys packing. I'm all for Exchange Wagering but in this day and age, it should be an American Company with American workers.

[edmond1]

Betfair pulling out of a dozen countries, including Canada

http://www.drf.com/news/betfair-pulling-out-dozen-countries

NO BETFAIR - NO MORE BETTING FOR ME. Anyone betting serious money into 20-30 % takeout rates needs long term psychiatric treatment. Racing days are numbered here anyways - slots not going to make a difference - ie. Fort Erie/Woodbine etc.... In a way I will be relieved - Just too much B.S. here. Started with the delayed video feeds then Canadians barred from Rebate ADW's (ie PTC)...... Companies like 5Dimes and Betcris will be beneficiaries.

[Al Gobbi]

With Betfair leaving Canada, how much longer do you think they will continue to keep an investment here in the states? Even if they come on board in California, their is no guarantee that others will do so.

[DeltaLover]

Racing days are numbered here anyways

Don't hold your breath..

Racing in US will outlive all of us....

[usedtolovetvg]

The DRF said their U.S. investment was on hold. Maybe they are trying to sell it or waiting to see if they can make a deal to get EB up and running which seems unlikely at this time.

[Charli125]

With not too much effort, the industry could send these guys packing. I'm all for Exchange Wagering but in this day and age, it should be an American Company with American workers.

Yeah, great idea, let's send the guys packing who have the single greatest wagering platform in the world. The company that has spent the most money, and the most internal resources on innovation. They're not an American company so screw em.

Read the next post by Edmond1, that's the reality. I'm all for competition by other exchange wagering companies, but they're free to compete right now...so where are they?

Your hatred of all things Betfair/TVG is comical.

[Fox]

Betfair pulling out of a dozen countries, including Canada

http://www.drf.com/news/betfair-pulling-out-dozen-countries

Anyone have another source on this?

If this was true, I would think there would be a lot of buzz about it on the betfair forum or elsewhere. I don't see any mention of a withdrawal from Russia or Canada nor can find another source besides DRF. Germany and Greece are old news.

[usedtolovetvg]

http://www.casinochoice.co.uk/2012/12/13/betfair-ends-dot-com-strategy-refocuses-on-uk/

[Fox]

http://www.casinochoice.co.uk/2012/12/13/betfair-ends-dot-com-strategy-refocuses-on-uk/

I read the DRF article as Betfair is "pulling out" and "withdrawing" from Canada, Russia, etc. The language in the DRF article seemed to suggest they will no longer accept customers from the jurisdictions completely as they did with Greece and Germany.

However, the true plan is stated more clearly in the casinochoice.com.uk article and seems they a merely "pulling out" actively marketing in these other jurisdictions such as Canada and Russia because the laws are still in a grey area. The way I read it is that Canadians will still be able to use Betfair at this point. They just won't see anymore Betfair ads on the side of a bus.

[usedtolovetvg]

It seems that way to me, as well. Although, I do know that Canada is one of those grey area countries. I would think that BF is ramping down and preparing for the eventuality that Betfair will no longer be able to take bets there. Breon seemed to be writing off the 16% of total BF revenues that these countries made up. I also have not been able to see anywhere that "the U.S. investment was on hold pending licensing clarity" that the DRF claims