Online casino operator and bookmaker William Hill’s withdrawal from Greece will see it lose out on an expected profit of £4-5 million per year.
The company’s operations in the Greek market were due to be run by subsidiary William Hill Online – a company that made a profit of £34.8 million in Q3 of this year.
If the bookmaker’s acquisition of Sportingbet goes ahead then the lack of revenue from Greece will be of little significance. Should the deal be completed then the company will gain significant footholds in the regulated environments of both Australia and Spain.
Hills had been cooperating with other online gambling operators in an attempt to establish a Greek regulatory system that encouraged competition across the Mediterranean country.
However, no such system has emerged and a statement was released today (4th December) explaining the reasons behind the Greek exit.
The statement explained that Hills “considers the gambling legislation in Greece to be inconsistent with European law” and that the tax being proposed “makes the market economically unattractive”.
Greece is not the first European country that hasn’t been to the bookmaker’s liking. Germany and Belgium have also been rejected by the company on account of their favouritism towards select companies, some being state-run and bordering on monopolies.