bwin.party Chief Released By Belgian Authorities
Norbert Teufelberger Spends Two Hours Answering Question With Belgian Gambling Commission
bwin.party co-chief executive officer Norbert Teufelberger has been released by Belgian authorities after spending two hours being interviewed by Belgian authorities yesterday.
Teufelberger, who was in the country for a conference, attended the interview voluntarily according to a statement from the company which is blacklisted by the Belgian Gambling Commission from offering its online betting and gaming services to Belgian citizens.
bwin.party says it is complying with applicable laws.
Teufelberger and his co-ceo Jim Ryan, Co-CEOs, added, “We have been at the forefront of regulatory change in Europe for several years and we have licences in Gibraltar, Alderney, Denmark, France, Germany (Schleswig-Holstein), Italy and Spain.
“We continue to strive for a regulatory framework in European Member States that is compliant with EU law.”
Analyst Daniel Stewart & Co. noted that bwin.party stated in its third quarter financial statement on November 2 that it had seen a reduction in net revenue of €0.7m per month as a result of ISP blocking in Belgium.
It added, “However it continued to operate in the jurisdiction citing the EC’s recent communication that EU member states cannot continue to ignore EU law in applying overly restrictive regimes with regards to online gaming services.”
The analyst put a hold recommendation on the bwin.party stock noting potential difficulties in Germany may pose more problematic in the near future. “ [The company] derives c22% of revenue from Germany and the legislative and regulatory regimes remains unclear at present, specifically with regards to online poker and casino, though the operator is applying for a national sports betting license for Germany."
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