Member Article

Betfair won?t gamble with regulated countries

Online betting company Betfair has said it will pull back from countries where regulation around their offering is uncertain.

In a trading update, CEO Breon Corcoran, said regulation in some markets had made business challenging, and the company would now be turning away from such areas.

The company identified Spain, Germany and Cyprus as the main markets with regulatory impact. He said: “The review we have carried out over the past four months has demonstrated a number of strengths. Betfair has a unique product offering, strong brand affinity and scale in the UK. However, we have also identified a number of areas requiring change and fixing these will take time.

“Recent regulatory developments have been challenging and we are reducing our exposure to markets with an uncertain regulatory future. We will focus investment within regulated markets with sustainable revenues.”

Betfair reported profits had fallen by 22% on the same period last year, and revenue had increased 5% to £200.6m.

This was posted in Bdaily's Members' News section by Tom Keighley .