Betfair Sports betting to withdraw Exchange from Austria
Betfair sports betting is to withdraw their Exchange set up from Austria.
Betfair, one of the leading sports betting and casino sites in the world, has announced that it will be withdrawing its exchange betting product from the Austrian online gaming market.
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Betfair first received a license to operate in Austria nine years ago back in April 2005.
Interestingly their fixed odds sports betting service will remain so I'm not sure what that says about the popularity of exchange betting which will now cease on the 14th of July 2014.
No comment from Betfair
With Betfair declining to comment on reasons why they are ceasing the exchange side of betting, speculation is that they simply don't make enough money from it and want to rather concentrate on more profitable markets.
Austria is not the first country where Betfair has implemented change. Greece and Germany are the two other countries that recently saw Betfair sports betting cease trading.
Chief executive of Betfair, Breon Corcoran, is quoted as saying that the company is being managed in a more “sensible manner” than previously and that have beaten their cost-savings target of £30 million.
Betfair operate in the UK, Ireland, Australia and America. Back in 2000 they pioneered the first exchange betting platform where punters bet against punters instead of the bookmaker.
Instead they take a commission charge of around 5% on all winning bets.