German State Makes Online Gambling Legal


09/14/2011
By Debra SaundersGoogle

 

The German state of Schleswig-Holstein has been on the fence vis-à-vis whether or not to pass a law that would allow online gambling in its jurisdiction.  The new law passed just by a narrow margin and will come into effect on January 1, 2012.  All new licenses will be issued from March 1, 2012 and there is limit on the number of licenses that can be issued.  The state is set to earn 20% gross profits from tax on all gambling products.

 

Betting exchanges, sports books betting, poker and all online casino games with the exception of roulette, blackjack and baccarat will be allowed under the new legislation.  Already, gambling companies are interesting in applying for licenses; Betfair and Bwin.party are a few of the names that has already shown interest.  They’re hoping that the other 15 German states will follow suit…  Bwin.party’s share price rose 14% once the news of Schleswig-Holstein passing their online gambling bill – big news for the company!

 

Another big name is the German betting company Jaxx has also expressed interest in acquiring a Schleswig-Holstein license for their sports betting, poker and online casino verticals.  They were recently granted a similar license in Belgium.

 

Online casino legislation is slowly picking up across Europe and it provides a much-needed equilibrium between protecting players, general consumer interests and free market practices. 


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