Bwin.party Profit Soars Due to New German Online Poker Laws
The Betfair Group and Bwin.Party Digital Entertainment seem to be profiting ever since Germany announced its intentions to permit online betting and poker. Both groups moved ahead in the London trading as soon as Schleswig-Holstein allowed for the new gaming policy for online sports betting and online poker.
The new gaming policy for Schleswig-Holstein is very different from that of other German states in that it does not require a national framework for betting and saw its vote tied at 46-to-45. It was a close call as the other states have been trying to get a nationwide framework for betting since the European Union’s rule stated that the country’s betting standards did not gel with the European laws. Betfair and Bwin.party have moved ahead by 3% and 9.1% respectively.
Betfair was very clear regarding its stand for the same and it welcomed the initiative in which increasing numbers of licenses are allowed for sports betting, casino games and poker and wherein there is lesser tax than that was proposed by other states in Germany. The rules that were proposed by the other 15 states would limit the access of licenses to only 7 of them and it would place a 17% tax on betting stakes, whereas the new rules as per Schleswig-Holstein place the tax on gross profit, and covers for an unlimited number of licenses for the same. Betfair also stated that it welcomes this opportunity and views it as the creation of a transparent and unbiased, responsible gambling market in the country.
Overall, Bwin.party rose to 124.4 from 10.4 pence in London and Betfair rose to 720 from 20.9 pence. Both online gaming companies have managed to erase all their previous losses based on this. Based on the rules, the games that will not be allowed on the same front in the state of Schleswig-Holstein in Germany include roulette, baccarat and blackjack.
The Schleswig-Holstein laws that have been proposed and been approved by the European Union Commission, will come into effect from January 2012 and the online poker licenses based on these laws will become valid and usable from March of the same year. Bwin.party is celebrating since this piece of news has decreased its risks in the market and helped its status as well. Bwin.party was formed by the merger of Party Gaming and Bwin, while Betfair is still the same organisation that it started out as, and both these companies had earlier stated their intention of applying for licenses in this state. The hope is that all other German states also introduce such a legislation. This is what these two companies – Party Gaming and Bwin – are concerned about right now.
The idea behind the legalization of the framework of online gaming throughout the world has been backed by the tragic events that have been taking place since Black Friday. Since then many major online sites and companies have taken a solid jolt and they have not been able to get back on their feet once again.
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