VC Holdings announced Monday that it has been awarded four sports-betting licences in Germany. Cashpoint, a subsidiary of Gauselmann Group, became the first company to have been granted a license to host both online and land-based sports betting in the country.
On October 9, the German regulator issued licences for the bwin, SportingBet, Ladbrokes and Gamebookers brands to enable each of them to offer sports-betting products to customers across Germany. This followed the Tolerance Policy for gaming that was announced on October 1 and brings further clarity and certainty in Germany, according to GVC.
An outline of the license terms are:
The licenses have been issued with immediate effect. However, the timing for implementation of the terms attached to the licenses are yet to be formally agreed and GVC said it is working with the regulator on an implementation plan with terms expected to be in place in the early part of 2021. Following implementation, GVC estimates that Group EBITDA will be reduced by up to £40 million on an annualized basis.
Shay Segev, CEO of GVC commented: “The award of these licences is great news for GVC, bringing the clarity and certainty that we have long sought for sports-betting in Germany. Combined with the recent Tolerance Policy we can now look confidently to the future, building on our position as a market leader by delivering an unparalleled, innovative experience for our German customers. The much-anticipated regulation of online gaming in Germany re-enforces GVC’s position as the most globally regulated and responsible operator in our industry.”
Cashpoint received the license on October 9 from the competent Regional Council of Darmstadt.
“We are delighted to be the first company to be able to offer our betting programme under a state licence to our sports-loving customers”, said Markus Ettlin, who is responsible for the sports betting division within the Gauselmann Group. “After many years of legal limbo, binding rules now apply to everyone on the German sports betting market.”
First and foremost, the company noted this strengthens consumer and player protection. “That is because now it is not only sports-loving customers but also politicians, authorities and society that can distinguish unauthorised providers from authorised ones”, continued Ettlin.
Company founder and Management Board spokesman, Paul Gauselmann, was thrilled about the license having been granted: “Back in 2014, my corporate group more than satisfied all of the requirements for the first licensing process and emerged as number one from the examination of this extensive process. Unfortunately, it has taken until today to end this state of legal uncertainty. However, it gives me all the more pleasure that we are now finally the first to be license holders.”
“The future will now show the extent to which the state and the responsible regulatory authorities will protect licensed market participants, and thus also consumers, from illegal providers. We will, in any case, do our utmost to ensure that there is fair competition, which is ultimately in the interest of each consumer,” concluded Markus Ettlin.