GVC Holdings has announced it has been awarded four sports betting licenses in Germany.
The global sports betting and gaming group's bwin, SportingBet, Ladbrokes and Gamebookers brands may now offer sports-betting products to German customers.
The terms of the license allow a wagering limit of €1,000 ($1,181) per month, which can be increased to €10,000 if certain criteria are met. Until the customer verification process is complete, there will be deposit restrictions on the account, and the maximum annual bonus set for a player is €100.
According to the statement, there is also “the inclusion of certain responsibility requirements by the license holder.”
The group stated the licenses were issued with immediate effect, but the terms are not yet officially agreed upon, so the expected implementation date is “the early part of 2021”.
The licenses should help GVC build a leading position in German market. However, the group warned that after implementation, “EBITDA will be reduced by up to £40m on an annualised basis.” The reduction is related to Germany’s Tolerance Policy.
In the statement, GVC CEO Shay Segev said: “The award of these licenses 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.
“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.”
After many delays, it is expected that the online German market will be regulated from July 2021.