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Sunday, November 18, 2012

Betfair pulls out of Germany over 5% gambling tax

The Betfair betting Exchange has withdrawn its online sports product from Germany, blaming a 5 percent turnover tax for making its main product unviable in Europe's largest economy.

Betfair released an announcement saying "The company is disappointed that to date the tax authorities have not been able to agree to an interpretation of the law that would allow Betfair to continue to offer the exchange product ... Consequently, Betfair has decided to withdraw its exchange product from the German market".

William Hill, Britain's largest bookmaker, said it no longer offered any kind of service to German residents because of the tax situation.

Bwin has amended its business model in Germany, its largest market, by no longer accepting very short-odds bets on sports events there.

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