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Betfair withdraws exchange from Germany citing tax rate

7th November 2012 9:07 am GMT

Betfair says it has decided to withdraw its betting exchange product from the German market because of the 5 per cent tax on sports betting stakes introduced earlier this year.

Based on detailed opinions provided by its legal and tax advisors, Betfair believes that it is not an organiser of sports betting under the tax law in regard to bets placed on its exchange, and is therefore not liable for the tax.

The company said Wednesday [...]

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