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GVC says new German betting licences to hit profit
12th Oct 2020 07:03
(Sharecast News) - Gambling group GVC Holdings said it would take a £40m profits hit after being awarded four licences to operate in Germany.
The German regulator last week approved licences for the bwin, SportingBet, Ladbrokes and Gamebookers brands, the company said on Monday.
A wagering limit of €1,000 euros per month that can be increased to €10,000 subject to certain criteria being met was also imposed by authorities. This could be further increased to €30,000 for 1% of customers subject to enhanced due diligence and certain loss limits.
Other restrictions included deposit limits until customer verification processes were complete and a €100m maximum annual bonus per customer.
"The licences have been issued with immediate effect. However, the timing for implementation of the terms attached to the licences are yet to be formally agreed and GVC is working with the regulator on an implementation plan with terms expected to be in place in the early part of 2021," the company said in a statement.
The German regulator last week approved licences for the bwin, SportingBet, Ladbrokes and Gamebookers brands, the company said on Monday.
A wagering limit of €1,000 euros per month that can be increased to €10,000 subject to certain criteria being met was also imposed by authorities. This could be further increased to €30,000 for 1% of customers subject to enhanced due diligence and certain loss limits.
Other restrictions included deposit limits until customer verification processes were complete and a €100m maximum annual bonus per customer.
"The licences have been issued with immediate effect. However, the timing for implementation of the terms attached to the licences are yet to be formally agreed and GVC is working with the regulator on an implementation plan with terms expected to be in place in the early part of 2021," the company said in a statement.