A first licences to offer online gambling in Germany have been award to British online betting firm Betfair benefiting from the state of Schleswig Holstein's liberalised gambling rules in the northern state to centre-right coalition government voted in favour of relaxing its gambling laws in September, said on thursday on awarded three licences valid to 2018 for the one to Betfair for sports betting, one to Germany's Jaxx AG and one to the state lottery.
And the other 15 German states have backed more restrictive laws that have been criticised by betting companie to say they will favour state monopolies on the European Commission has also raised questions over the planned restrictions for the schleswig holstein's laws demand a 20 percent tax on gross profits rather than a more punitive tax on turnover and also allow for online casino-style gambling for the other states want to ban.
The analysts at BarCap estimated that the tax payment would equate to about 3 million pounds or about 3 percent of core Betfair earnings for we view this as a significant positive for the companys are given that it further erodes the bear case on the stock that Betfair would be unable to get licensed outside of the UK to analysts said, that schleswig Holstein's interior ministry said it expected to award licences for poker and other casino-style games in the coming weeks to Betfair has also applied to the largely illegal German sports betting market is estimated to be worth at least 5 billion euros.
And the other 15 German states have backed more restrictive laws that have been criticised by betting companie to say they will favour state monopolies on the European Commission has also raised questions over the planned restrictions for the schleswig holstein's laws demand a 20 percent tax on gross profits rather than a more punitive tax on turnover and also allow for online casino-style gambling for the other states want to ban.
The analysts at BarCap estimated that the tax payment would equate to about 3 million pounds or about 3 percent of core Betfair earnings for we view this as a significant positive for the companys are given that it further erodes the bear case on the stock that Betfair would be unable to get licensed outside of the UK to analysts said, that schleswig Holstein's interior ministry said it expected to award licences for poker and other casino-style games in the coming weeks to Betfair has also applied to the largely illegal German sports betting market is estimated to be worth at least 5 billion euros.
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