Part 3: Germany – a pregnant pause
year, Germany is worth 7.4% of total revenues,
framework and a reasonably high risk of change.”
with sports accounting for 44% of that total
Notably, the Edison team broached the issue of
and gaming representing the remaining 56%. what might happen should a new treaty leave the
Translated to the company’s 2018 results, it would ban on online gaming untouched. “It is possible
mean that Germany in total was worth circa that a move to a formalised sports betting
€220m, with sports worth approximately €97m regulated regime could kill off the larger online
and gaming worth around €127m (see table 1). gaming sector.” Hence, the Edison team suggested
the majority of operators “continue to lobby for
Bet-at-home the creation of a legal framework of licensing for
A strong challenger in terms of brand is Bet-at- casino and poker as opposed to a ban”.
home (majority owned by Betclic), which makes
And as it stands, Bet-at-home is clearly still
about 36% of its revenues from Germany, or motoring in Germany with, according to its recent
€51.5m in 2018. As analysts at Edison Research first quarter results, revenue up 12% in the first
suggested about Bet-at-home, the company has three months of the year (see table 2). Whatever
proven to be “robust in the face of regulatory is happening at the legislative level, whether in
challenges” and Germany is no exception. the states or federally, the public in Germany
However, the Edison team also said, in a note
continues to play online, proving what a plum
published in early March: “There is a high degree jurisdiction it could yet be if the politicians can
of inconsistency within the German regulatory agree a way forward.
Table 1: GVC in Germany
GVC
Total revenues
FY 2018 (£m)
% of revenues from
Germany Est. German
revenues FY2018
(£m) Est. Germany sports
betting revenues
(£m) Est. Germany casino
revenues (£m)
7.4 220.5 97.0 123.5
2,979.5
Source: Company accounts and Market Monitor estimates
Table 2: Bet-at-home Germany revenues breakdown
Bet-at-home
Total revenues
FY 2018 (€m) % of revenues from
Germany Est. Germany
revenues FY2018
(€m) Est. Germany sports
betting revenues
(€m) Est. Germany casino
revenues (€m)
143 36 51.5 21.6 29.9
Source: Company reports/Edison Research
iGaming Business Market Monitor • UK bingo market, Sweden and Germany • June 2019
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