GVC, Four Sports Betting Licenses Approved in Germany with Immediate Effect
GVC Holdings has been approved four sports betting licenses in Germany.
They secured license approval on Friday for bwin, SportingBet, Ladbrokes and Gamebookers brands for sports betting through the transitional framework announced at the start of October.
Shay Segev, CEO, GVC Holdings stated: “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.”
The licenses are granted with immediate effect, with timing yet to confirmed.
Terms include a €1,000 (£906/$1,181) per month wagering limit for all, deposit limits pre-verification and a max €100 (£90/$118) annual bonus per punter.
The newly licensed operations are said to have a £40m (€44m/$52m) negative impact on annual EBITDA.
GVC is will continue to work with the German regulator on an implementation plan due to be in place by early 2021.
This news suggests that Germany is a fantastic opportunity for future growth, but it will come at a major cost. Will only the big operators be able to survive because of large licensing fees?