German Telecom Looks For a Slice of Online Betting

Published Saturday, September 06, 2014 - Online-Casinos.com
German Telecom Looks For a Slice of Online Betting

The European Union is a strange place when it comes to the current platform for regulations concerning the online gambling industry. The European Commission is busy taking care of these matters with special attention being made to protect the rights of individual national laws on gambling.

Germany is a good example of the complexity of the situation in the European Union. Online sports betting in Europe for example is in the billions of Euro and the competition to access that market is also massive. Deutsche Telekom AG one German telecommunications company headquartered in Bonn is looking to capitalize on that growing trend. Deutsche Telekom was created in 1995 and was the former state-owned monopoly Deutsche Bundespost until it was privatized in 1996. The company remains the dominant Internet Service Provider in Germany. In February 2014, Deutsche Telekom acquired the remaining parts of its T-Mobile Czech Republic division for around €800 million.

Reuters news recently reported that Deutsche Telekom will move towards acquiring a sports betting license. A spokesperson from the company commented, "The sport betting market is booming so an entry is of interest to Deutsche Telekom," adding, "It is not yet clear what products we will be offering,"

It was reported in the German newspaper Sueddeutsche Zeitung aother firm will be the vehicle for Deutsche Telekom called Deutsche Sportwetten which is expected to obtain a government gambling concession soon. Deutsche Sportwetten is just one of the companies on the list for a sports betting license but it is still subject to a 15-day waiting period, the Deutsche Telekom spokesperson added.

Should Deutsche Sportwetten an Austrian owned gambling company be granted a license, Deutsche Telekom will make a move acquire a majority share of the firm something already approved by Germany's cartel office, the spokesperson said. With € 107.942 billion in assets and profits of € 5.255 billion in 2012 it is likely Deutsche Telekom will prosper on this move.

 

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