Online gaming firm bwin.party has been awarded a licence to operate online sports betting by the the Ministry of Interior in Schleswig-Holstein.
The licence is effective immediately and is valid for six years.
Revenues generated under the licence will be taxed at the rate of 20% of gross gaming revenue. In 2011, the group generated total pro forma gross sports betting revenue of around €96.1m from Germany.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Schleswig-Holstein's regulatory regime represents an important step in building a vibrant and competitive German online gaming market. This EU-compliant regime is a fundamentally important step to protect consumers and keep out black market operators in Germany," claimed Norbert Teufelberger, bwin.party's joint Chief Executive Officer.
The group has submitted separate applications to offer online poker and casino games and anticipates receiving the requisite licences from Schleswig-Holstein in due course.
Despite the licence award, the company's shares shed 4.2p at 127.2p.
JH
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
