British iGaming and sportsbook operator GVC Holdings has announced that four of its biggest brands have been awarded with licenses to operate online sportsbetting in the regulating German market.
The London-listed firm used an official press release to detail that the decisions regarding its Ladbrokes, SportingBet, Bwin and Gamebookers brands are immediately effective although it will now be endeavoring to finalize a schedule for their individual implementation of the Tolerance Policy directives contained within the nation’s New State Treaty on Gambling.
GVC Holdings explained that these edicts have imposed a €1,000 ($1,180) monthly wagering limit for online sportsbetting aficionados in Germany although this ceiling may be raised to as high as €10,000 ($11,805) for those who can satisfy a range of responsible gambling criteria. The operator stated that its brands will also be obliged to institute deposit limits until the completion of ‘customer verification processes’ and thereafter limit any individual bonuses to an annual maximum of €100 ($118).
The firm declared that these Tolerance Policy instructions are to moreover require online sportsbetting license holders in Germany to institute ‘certain responsibility requirements’ for their customers although up to 1% of their clienteles will be able to wager up to €30,000 ($35,400) per year ‘subject to enhanced due diligence and certain loss limits.’
Shay Segev, Chief Executive Officer for GVC Holdings, used the press release to proclaim that his firm is now hoping to have fully implemented the complete range of Tolerance Policy initiatives by ‘the early part of 2021’ with these likely set to result in its earnings before interest, tax, depreciation and amortization falling on an annualized basis by up to £40 million ($52.2 million).
Read a statement from Segev…
“The award of these licences is great news for GVC Holdings, bringing the clarity and certainty that we have long sought for sportsbetting 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 and innovative experience for our German customers. The much-anticipated regulation of online gaming in Germany re-enforces our position as the most globally regulated and responsible operator in our industry.”
For its part and iGamingBusiness.com used its own coverage of this award to report that the Cashpoint brand from German gaming machines giant Gauselmann Group as well as the domain at Tipwin.com have furthermore just been licensed to begin offering their services to punters in Germany. The source detailed that the Tolerance Policy directives are to additionally limit local play to those over the age of 21 and prohibit such punters from losing more than 20% of their maximum spend.