Betfair to withdraw exchange from Austrian market
Email to account holders gives two weeks' notice of exchange betting site's closure
Betfair is to withdraw its exchange betting product from the Austrian online gaming market, nine years after it first received a licence to operate in the country.
The operator has informed its Austria-based customers that it will close its exchange betting site on 14 July following an analysis of the business, however its fixed-odds sportsbook and gaming products will continue to operate in the country.
Betfair originally received an online gaming licence to operate in Austria in April 2005, making it the firm’s second operational jurisdiction after the UK, followed by the launch of a German language site.
It is not yet clear what has driven Betfair’s decision to pull out of the Austrian market, and a spokesperson for the company declined to comment for this article.
However, one analyst suggested the move was in line with Betfair’s current strategy of focusing on more sustainable and profitable markets.
Betfair has previously withdrawn from markets due to regulatory uncertainty or questionable return on investment.
The operator recently exited from Greece and Germany and is reportedly exploring the possibility of divesting its 50% stake in its Australian joint-venture with Crown Casino after the business posted a sixth loss in seven years in 2013.
Chief exec Breon Corcoran said recently that Betfair is being managed in a more “sensible manner” than previously, having exceeding a cost-savings target of £30m, ahead of the UK Government’s Point of Consumption tax.