Just before this time last week, everything was looking good for those public companies in the online gaming world. They were supping their cocktails, tucking into some sauerkraut and generally just having a swell time. Then the Germans decided enough was enough.
Changes to the German online gaming laws have meant that a number of public companies saw as much as 30 per cent wiped from the value of their shares. Gaming VC Holdings (GVC) is one that has a stake in what is going in Germany and they aren’t going to be sitting there twiddling their thumbs.
Anyone who follows the industry will know they aren’t scared to partake in a bit of a fight – Queenberry Rules and all. You only have to look at their long battle with Boss Media. Germany will be a completely new kettle of fish for the firm though.
We reported just yesterday that Schleswig-Holstein is to draft their own online gaming bill and that a number of companies will be applying for licenses in the Lander, GVC now included.
GVC understands that Schleswig Holstein “could unilaterally enact their own regime which would have legal force throughout Germany for the online industry.”
In the statement, GVC also added that they “will be applying for a licence in Schleswig Holstein, should such an opportunity arise, particularly as GVC’s German business already operates and pays taxes under a licence granted by an EU member state with rigorous customer protection and anti-fraud measures.”
It will certainly be interesting to see which way the German regulations go. This particular Lander could be the one that ticks all the boxes in terms of them looking at other regimes around the EU and deciding on the best way forward for the country’s skewered gaming industry.