BETFAIR AWARDED ONLINE GAMBLING LICENCE IN GERMAN STATE OF SCHLESWIG HOLSTEIN
BETFAIR GROUP ("Betfair") has today been awarded a licence to operate its betting exchange in the German state of Schleswig Holstein.
Following the receipt of the licence for sports betting, Betfair intends to pay 20% of Gross Gaming Revenue derived from Germany to Schleswig Holstein. Based on current revenue run-rates it is envisaged that this payment will reduce Core Betfair's gross margin by approximately one percentage point.
Commenting on today's news, Betfair's Chief Legal and Regulatory Affairs Officer, Martin Cruddace, said:
"We are delighted to have been awarded one of the first three licences to operate in Schleswig Holstein. We look forward to making a significant and sustainable contribution to the newly formed market there, offering consumers innovative products in a safe and responsible betting environment.
"Schleswig Holstein's government should be applauded for its efforts to implement a regulatory regime that will provide security for consumers, transparency for regulators and the freedom to compete for EU operators."
Betfair is one of the world's largest international online sports betting providers and pioneered the betting exchange in 2000.
Driven by cutting-edge technology, Betfair enables customers to bet at odds sought by themselves or offered by other customers. The company now processes over seven million transactions a day from its four million registered customers around the world. In addition to sports betting, Betfair offers a portfolio of innovative products including casino, exchange games and poker.
Betfair has twice been named the UK's 'Company of the Year' by the Confederation of British Industry and has won two prestigious Queen's Awards for Enterprise, being recognised for Innovation in 2003 and most recently for International Trade in 2008. Betfair currently employs over 2,000 people worldwide. The company holds betting licences in Germany, Gibraltar, the US, Tasmania, Italy, Denmark and Malta.
For more information:
Corporate Communications Manager, Europe
Tel: +44 (0) 208 834 6336
Mob: +44 (0)7702 525712
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