DGAP-News: State Treaty on gaming: JAXX SE welcomes course adopted by Prime Ministers but doubts compatibility with EU law
(firmenpresse) - DGAP-News: JAXX SE / Key word(s): Miscellaneous
State Treaty on gaming: JAXX SE welcomes course adopted by Prime
Ministers but doubts compatibility with EU law
28.10.2011 / 16:55
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State Treaty on gaming: JAXX SE welcomes course adopted by Prime Ministers
but doubts compatibility with EU law
Kiel, October 28, 2011 - JAXX SE (ISIN DE000A0JRU67) welcomes yesterday's
resolution by the 15 Prime Ministers of the federal states to liberalise
the gaming market in Germany to a greater extent than had previously been
planned. The significant reduction in the concession fee from 17 to 5
percent of betting stakes would be particularly welcome for the JAXX
Group's betting shop business, which is operated under the myBet.com brand.
In that respect JAXX would be among those standing to gain from this draft.
However, even the revised draft does not meet the standards of European and
constitutional law. The continuing restriction to an arbitrary 20 licences,
the ban on online casino and poker games and the argument that the lottery
monopoly can be justified by the need to combat addiction are attributes
that have come in for stiff criticism from the EU Commission and the
courts. Schleswig-Holstein therefore logically abstained from yesterday's
vote.
As became apparent on the fringes of the conference, the agreement is still
subject to the reservations of individual states which expressed their
misgivings about its compatibility with European law. The aspects
outstanding are to be clarified by the next conference, which will take
place in mid-December and at which the State Treaty on gaming is to be
signed.
JAXX Management Board spokesman Mathias Dahms commented:
'The resolution by the 15 Prime Ministers is an initial step towards
introducing a market-driven gaming system in Germany. It just doesn't go
far enough. And it will not stand up to scrutiny under European and
constitutional law. The ban on casino and poker games will push more people
towards the black market. Using the addiction prevention argument to
justify the lottery monopoly will lead to a blanket ban on lottery
advertising and consequently cause the collapse of German lottery
companies. The main sticking points that the EU Commission severely
criticised in its detailed statement of position were not addressed. We
therefore expect to see the EU Commission launch fresh infringement
proceedings.
We stand by our view that the law already passed by Schleswig-Holstein is
an exemplary, market-driven model that is compatible with European law. The
bridge across which Prime Minister Beck hopes to entice
Schleswig-Holstein's Prime Minister Peter-Harry Carstensen would come
crashing down after just a few steps.'
About JAXX:
JAXX SE, listed in the Prime Standard of Deutsche Börse, is a financial
holding company with holdings in international companies in the gaming
industry. JAXX currently holds interests in companies in Germany, the UK,
Spain, Austria, Malta and Belgium. JAXX SE has its headquarters in Kiel.
The holding companies cover the entire spectrum of the games and gambling
industry. Depending on national regulatory structures, they broker or
market sports and horse betting, lotteries, and casino and poker games. The
shares of JAXX SE have been traded at Deutsche Börse since 1999 under ISIN
DE000A0JRU67.
Contact:
JAXX SE
Investor Relations&Corporate Communications
Stefan Zenker
Tel. +49 (40) 85 37 88 47
Fax +49 (40) 85 37 88 30
Mail stefan.zenker(at)jaxx.com
End of Corporate News
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28.10.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: JAXX SE
Jägersberg 23
24103 Kiel
Germany
Phone: +49 (0)431 88 104-0
Fax: +49 (0)431 88 104-40
E-mail: ir(at)jaxx.com
Internet: www.jaxx-se.com
ISIN: DE000A0JRU67
WKN: A0JRU6
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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144039 28.10.2011
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Datum: 28.10.2011 - 16:55 Uhr
Sprache: Deutsch
News-ID 81530
Anzahl Zeichen: 9633
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