Betfair pull exchange from Germany

ne operators Betfair are to withdraw their exchange product from the German market.

A new law in the country is introducing a 5% tax on sports betting stakes, although Betfair believe that exchange bets do not fall under the legislation.

Having failed to agree on an interpretation of the law with German tax authorities, Betfair are to pull their exchange offering, stating that a 5% tax would make their current exchange model “unviable”.

A Betfair statement said: “The company believes that it has fulfilled all of its obligations under German law, including the filing of necessary tax returns.

“Discussions are continuing with tax authorities regarding the potential tax liability, if any, arising from bets placed on its exchange since the law came into effect.”