Online gambling group, Bwin.party Digital Entertainment and several other online casinos companies who have a foot in the German market were thrilled with the recent announcement that the state of Schleswig-Holstein has passed pro online gambling regulations.
A limited number of gambling companies will have the opportunity to apply for a license to operate sports betting, poker, exchanges and most of casino games online as a result of the state having approved competition-friendly internet wagering laws.
It was revealed that the state of Schleswig-Holstein will be benefiting from a 20% tax on gross profits by these online casinos operators and that about € 60 million in tax revenue for the state could be generated by the move.
Shares in Bwin.party Digital Entertainment jumped over 12% at 1.28 as soon as the news of Schleswig-Holstein’s decision was announced on Wednesday, September 15.
Despite the fact that there are many concerns regarding the remaining 15 German states who propose a tough online gambling regime, Schleswig-Holstein’s decision to regulate its online gambling industry has reduced a lot of pressure from companies such as Bwin.party Digital Entertainment and has been welcomed by the industry.
The German market generates 22% of the newly merged Bwin.party Digital Entertainment.
Bwin.party Digital Entertainment and Betfair have been working very hard to see the laws in Germany change and will, without any doubt, be applying for an operating license in Schleswig-Holstein.
Germany’s sixteen states are due to meet in October in order to discuss the way that online casinos stands at the moment and will hopefully reach some type of compromise that will be acceptable to all parties.