DGAP-News: State Treaty on gaming: JAXX SE calls for improvements
(firmenpresse) - DGAP-News: JAXX SE / Key word(s): Miscellaneous
State Treaty on gaming: JAXX SE calls for improvements
15.12.2011 / 15:01
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State Treaty on gaming: JAXX SE calls for improvements
Kiel, December 15, 2011 - The Prime Ministers of all federal states with
the exception of Schleswig-Holstein today signed the new version of a State
Treaty on gaming. The Kiel-based financial holding company JAXX SE, to
which the sports betting provider myBet.com belongs, considers the
arrangements to be too short-sighted and calls for major improvements. JAXX
welcomes the resolution by the Prime Ministers only to initiate the
ratification process for the State Treaty by the federal states'
parliaments if the EU Commission's opinion is positive.
'The regulation has not been thought through. It is a political compromise
that is not fit for purpose and is grossly out of step with other European
countries,' remarked Mathias Dahms, Management Board spokesman of JAXX SE.
'We doubt whether these conditions will encourage a sufficient number of
companies in Germany to apply for licences for the market to be regulated
effectively. Most players will continue to operate from abroad, bolstering
the grey or black market. Only operators which have shops might survive
amid the conditions proposed. We will have to await further developments.'
JAXX SE therefore repeats its call to the state government in
Schleswig-Holstein to hold fast to its chosen course. At the same time JAXX
calls upon the other states to make improvements to ensure that Germany,
too, finally achieves an EU-conform, legally viable set of regulations on
gaming.
Over the past few days leading experts in constitutional and European law,
including Professors Papier and Engelhart, have repeatedly pointed out that
there are serious legal flaws in the 15-state treaty signed today compared
with the legislation that Schleswig-Holstein has already passed. The legal
experts agree that if the State Treaty takes effect in mid-2012 in its
current form, as planned, it will very soon fail in court. The states
already saw this happen with the current 'State Treaty on gaming', which
was rejected by the ECJ in 2010.
The aspects criticised include the high tax rate of 5 percent on betting
stakes, the limit of 20 licences, unworkable limits on betting stakes and
the inconsistent rules applied to various different types of gaming,
extending as far as a total ban on online casino and poker.
The subsidiaries of JAXX SE have therefore declared logically that they
will definitely operate from Schleswig-Holstein in 2012 and apply for all
the necessary licences there. 'We want to obtain licences in Germany and we
want to pay taxes here,' declared Mathias Dahms. 'But the conditions have
to stand up to comparison with other locations in Europe, otherwise they
won't work. The states will then have no scope for protecting licensees in
Germany.'
The federal states will have to overcome a number of hurdles before the
State Treaty signed today can pass into law. The federal Racing Betting and
Lottery Law and the federal gaming regulations for slot machine games will
need to be amended. The EU Commission, too, will have to state its position
on the current draft State Treaty.
The accounting firm PricewaterhouseCoopers (PwC) has moreover produced a
study that reveals that the main objective of the regulation - to combat
the grey and black market - cannot be achieved through the provisions of
the 15-state treaty. The PwC study, based on an analysis of the various
fiscal regulatory approaches in Europe, concludes that only moderate
taxation of gross profit before additional costs is capable of bringing
sports betting providers back into the fold of legality.
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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15.12.2011 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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149957 15.12.2011
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Datum: 15.12.2011 - 15:01 Uhr
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