GVC has been awarded four sports betting licences by the Regional Council of Darmstadt on 9 October
On Monday, GVC Holdings announced that it has received German sports betting licences for its brands bwin, Sportingbet, Ladbrokes, and Gamebookers.
Germany is in the middle of reorganising its gambling market and approved a new Tolerance Policy for online gaming that allows German-facing operators to continue offering online casino products as long as they observe rules laid out according to the permanent gambling law that is set to take effect from 2021.
The new licences will allow each of the four operations to continue to offer sports betting services to German customers until the new permanent regulatory framework comes into place next summer.
Under the recently approved Tolerance Policy, Germany-facing online gambling companies must set a €1,000 monthly wagering limit. They can increase that limit to €10,000 or even €30,000 per month, if certain criteria is met.
Operators must also make sure to implement new deposit limits until KYC checks are met. Bonuses are limited to a maximum of €100 per year. Germany-licensed operators must also follow strict responsible gambling requirements if they want to be able to offer not only sports betting but also online casino and poker products in one of Europe’s largest and most lucrative markets.
GVC CEO Shay Segev said that “the award of these licences is great news” for his company as this brings “the clarity and certainty that we have long sought for sports betting in Germany.” and added that the company 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 group projects that the implementation of the new terms will reduce its EBITDA by £40 million.
Last week, GVC upgraded its full-year EBITDA forecast by £50 million citing increased online betting activity during the pandemic.
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