Entain (LON: ENT) shares are down almost 3% Monday, despite the company announcing it has been granted gaming and poker licences in Germany.
YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.
The sports betting, gaming, and interactive entertainment company told investors it has been granted licences by the State Administrative Office of Saxony-Anhalt to operate its gaming and poker services throughout Germany.
Out of the five licences it applied for, Entain was granted all five, enabling the company to offer gaming under its bwin, Ladbrokes, and Sportingbet brands, and poker under bwin and Ladbrokes, with each licence granted for five years.
The new awards are in addition to the company's existing licenses which allow it to offer online sports betting under each brand. The company is also the first operator licenced to offer online poker.
“We're delighted to now have our licences for gaming and poker services in the regulated German market, enabling us to offer and market them to our customers,” commented Robert Hoskin, Entain's Chief Governance Officer.
“It is an important and welcome step towards achieving the goal of a fully regulated online betting and gaming market in Germany. Only through such regulation and its enforcement will we avoid the reality of customers going to the black market where there are none of the safeguards that reputable operators such as Entain guarantee.”
Despite Entain's share price decline on Monday, its stock has gained over 10% in the last month, although it is down 23.7% in 2022.