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|Louie, this Party is over. We're all at a bigger one just down the road! BPTY :D|
|THREAD CLOSED, PLEASE SEE BPTY|
|I really don't know why the management even bother making a statement - it makes no difference.|
|07:00 bwin.party digital - Proposed revision to State Lottery Treaty RNS
RNS Number : 4631E
bwin.party digital entertainment
07 April 2011
7 April 2011
bwin.party digital entertainment plc
('bwin.party' or the 'Company')
Proposed revision to State Lottery Treaty
bwin.party, the world's largest publicly listed online gaming company, notes yesterday's announcement by the conference of minister-presidents in Germany regarding the basic principles of a licensing model. bwin.party believes that this proposal is neither in compliance with EU law nor in-line with market requirements. At the same time, the Company welcomes the decision of the state of Schleswig-Holstein to retain the licensing model already submitted to the EU for notification. This provides for the regulation of all online gaming products and a tax of 20 per cent of gross gaming revenue on sports betting, poker and casino.
Norbert Teufelberger, Co-Chief Executive Officer of bwin.party said:
"Implementation of the principles presented by the minister-presidents yesterday is just as likely to fail as the outgoing monopoly model in Germany. A proposed tax rate of 16 per cent on the stakes placed in sports betting would make it impossible to offer a competitive product. Furthermore, excluding poker and casino products from this licensing model will continue to drive consumers into the black market. This would mean that the proposed model would fail to meet its objectives of channelling consumer demand, offering player protection and combating fraud."
bwin.party intends to apply for a licence in Schleswig-Holstein and would also pay the requisite tax there should Schleswig-Holstein continue with its current proposals.
The Company also renewed its appeal to the states to implement a regulatory model in line with the realities of the market. Such regulation would have to include online poker and casino. Only through such a comprehensive regulatory model will it be possible to extinguish the existing huge black market. As far as the 16 2/3 per cent tax on sports wagers is concerned, this will mean that Germany would become another example of a country that fails to deliver a successful regulatory framework for online gaming because of an uncommercial fiscal regime.
According to H2 Gambling Capital sports betting represents only a small part of the existing online gaming market in Germany. Although online gross gaming revenues generated in Germany in 2010 are estimated at approximately 771 million euros, sports betting accounts for only 293 million euros, with about 190 million euros attributable to the poker segment making Germany one of the world's largest online poker markets. Online casino gaming is estimated to have generated gross gaming yield in 2010 of approximately 263 million euros. Only if all these areas are incorporated into a regulated market will Germany have coherent, EU compliant regulation and be in a position to ensure that players are protected and that online games are secure.
bwin.party looks forward to considering the final resolutions of the Prime Ministers as well as the final form of the regulations, the necessary notification of the new State Treaty on gaming to the European Commission and ratification by the state parliaments.
Norbert Teufelberger added:
"We trust that these proposals will undergo the necessary corrections so that the new regulations will govern the entire German gaming market in a coherent and consistent manner in line with EU law."
There will be a conference call for analysts and investors to put questions to both Norbert Teufelberger and Jim Ryan, Co-CEOs of bwin.party regarding today's announcement. The details of the call are as follows:
Thursday 7 April, 2011, 3.00pm UK time (4.00pm Central European Time)
Participant Dial No: +44 (0) 203 003 2666
UK Toll Free: 0808 109 0700
Details of 7-day playback
UK Toll Access Number
+44 (0) 208 196 1988
bwin.party digital entertainment plc
Peter Reynolds +44 (0) 20 7337 0100
Konrad Sveceny +43 (0) 50 858 20017
John Shepherd +44 (0) 20 7337 0100
Matthias Winkler +43 664 305 0000
This information is provided by RNS
The company news service from the London Stock Exchange
|There is a long way to go in our view but we are confident that in the end Germany will comply with European law and implement a viable licensing regime to the benefit of all stakeholders and not just the monopoly operators.
The proposed treaty still needs full ratification, and even then would only come into force on 1 January 2012.
|German proposed tax rates are still under discussion as they have been for quite some time.Today's reaction is pure speculation and scaremongering by those it suits most.|
|I hope you guys are right - with thin-ish volumes if the shorters fancy it they can take this share to the cleaners..... bloodbath.|
|@ dealy, check out http://www.advfn.com/cmn/fbb/thread.php3?id=24978965
if this will come legislation it is a nightmare. we are talking about EBIDT decrease of around 30%!!!|
|Hi peeps, will sort the epic thing out in the morning. Have spoken to ADVFN and asked if they would do it from their end. Quite frankly I feel the epic is of least concern. I suspect shorters and lack of news from the US.|
|who cares about the tax rates. Ultimately the consumer pays. It's just a mark up. Everyone is cooking with the same water. The difference though is BWIN-Party has scale and branding power. Bad day for every one else but not for us.
Shares back to 190p tomorrow.|
|German proposed tax rates cause for concern,but still under discussion.|
|This morning's rns's highlight Parasol and Deleon reducing their holding by 50% each.Is this a sign of them reducing to zero to appease the US conditions,could be positive signs of US deals ahead.|
|looks like regular regulation to me. They can bid for licenses like everyone else.|
German not so good ,can you interpret please|
|down 20% now :-(|
|stock down 15%, bad news from germany
|Should we start a new thread with the new EPIC? Is there one already I cant find it?|
|On May 18th and 19th, near the tail end of the WPT Championship, the Bellagio in Las Vegas will host a $100,000 buy-in Super High Roller Event, the most expensive tournament in the storied history of the WPT. Fox Sports Net will show portions of the tournament during its broadcast of the WPT Championship.
|anything on Barney Frank bill.. sometime in April??|
|Panmure Gordon raises its Bwin.Party Digital Entertainment (BPTY.LN) target price to 288p from 275p to incorporate new forecasts for the new group, following the merger of PartyGaming and Bwin. "We believe the enlarged group has the potential to deliver above-average earnings growth, underpinned by EUR55 million of merger synergies," says Panmure. Recent regulatory developments have been overwhelmingly positive for eGaming operators and eGaming stocks are well placed for a period of sustained outperformance, says Panmure. It reiterates its buy recommendation.|