GVC Holdings PLC (LSE: GVC), the global sports-betting and gaming Group, recently announced that it has been granted four licences for sports-betting in the regulated German online wagering market.
GVC is one of the world’s largest sports betting and gaming groups generating revenues of £3.6bn+ annually. The four domains Ladbrokes, SportingBet, Bwin and Gamebookers brands have all received the go ahead to offer sports betting in Germany.
This is a big step for GVC coming very soon after the Tolerance Policy for gambling that was announced on 1 October 2020 in Germany making the rules clearer and more certain in the nation.
The licences have been issued with immediate effect although the timing for implementation of the terms attached to the licences are yet to be formally agreed upon and GVC is working with the regulator on a plan with terms expected to be in place in the first part of 2021. The granting of the licences to GVC’s four sports brands in Germany is in-line with GVC’s strategic ambition of operating in regulated markets and will enable it to build on its leading position in the German market. After implementation, GVC estimates that Group EBITDA will be reduced by up to £40m annually. The GVC Group is tax resident in the UK with licenses in more than 20 countries, across five continents.
Chief Executive Officer for GVC Holdings, Shay Segev, commented on the awarding of the licences, “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.”
