Betting exchange Betfair plans to focus on markets where regulations are clearly defined, said new chief executive Breon Corcoran.


The news follows recent decisions by Betfair to pull out of the Greek and German markets as a result of regulatory uncertainty.

Corcoran, who joined Betfair from Paddy Power four months ago, said the online betting exchange would become a leaner business and had already identified cost savings of £20m.

"Recent regulatory developments have been challenging and we are reducing our exposure to markets with an uncertain regulatory future," Corcoran said. "We will focus investment within regulated markets with sustainable revenues."

Corcoran’s comments came as the group announced that revenues from continuing operations were up five per cent to £200.6m in H1, to the end of October, driven by a strong sports and mobile performance.