ne betting exchange Betfair are to withdraw from the Greek market.

The internet operators have taken the decision following concerns over the clarity of gaming regulation in the country.

The firm had been taking bets in Greece without a local gaming permit and have revealed in a statement that they consider the value of such a licence to be “unclear”, adding that they believe gambling legislation in the country to be “inconsistent with European law”.

Betfair also questioned the cost of the permit, stating: “The associated fiscal conditions attached to these permits, which may include payment of taxes on historical revenues, make the market economically unattractive."

Earlier this month the Greek Gaming Commission warned that firms operating in the country without a permit would face financial penalties and criminal charges.

Betfair, who had been expected to generate £13m of revenue and £7m profits from the Greek market this financial year, believe there are "significant issues with the legality” of the Commission’s stance.

The firm also said they were disappointed that the European Commission had not acted to prevent such "protectionist behaviour".