Betfair Secures German Online Gambling License

Betfair has been awarded a license under the newly liberalized regulation of the German state of Schleswig Holstein.

Betfair was among the first, and one of only three, online gambling operators to secure an online gambling license from the German state of Schleswig Holstein.

Betfair can now offer its full range of betting services in Germany, with poker and online casino services planned for the future.

Under the new law, Schleswig Holstein will receive 20% gross profit tax from Betfair, which analyst predict could be around £3million.

The announcement , which saw Betfair's share prices jump from 45p to 839p last week, was described by BarCap as a "significant positive" and further proof of Betfair's impressive progress in Europe.

Schleswig Holstein's government received applications for 23 sports betting licenses and 14 online gaming licenses, according to Morgan Stanley analyst Vaughan Lewis.

Although only three licenses were granted, Lewis expects to be in the second group of operators licensed to enter the lucrative German sports betting market, currently thought to be worth over £40 billion.