Deutsche Telekom plans move into online sport betting

Reuters News
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Posted: Sep 06, 2014 9:03 AM

FRANKFURT (Reuters) - Deutsche Telekom is readying a move into online sport betting in a bid for a slice of Germany's multi-billion euro gambling market, the company said on Saturday.

"The sport betting market is booming so an entry is of interest to Deutsche Telekom," a spokeswoman for the telecommunications provider said.

"It is not yet clear what products we will be offering," the spokeswoman added.

German newspaper Sueddeutsche Zeitung on Saturday reported that Deutsche Telekom planned to offer betting services through a company called Deutsche Sportwetten GmbH (DSW), which is expected to obtain a government gambling concession shortly.

DSW is one of the companies on the list for a license but the final result is still subject to a 15-day waiting period, the Deutsche Telekom spokeswoman said.

If DSW is granted a license, Deutsche Telekom aimed to take a stake in the company and become its majority shareholder, a move already approved by Germany's cartel office, she said.

DSW is currently owned by an Austrian gambling company, which Sueddeutsche Zeitung said planned to continue as a minority shareholder after Deutsche Telekom had bought a stake.

(Reporting by Peter Maushagen and Jonathan Gould, editing by David Evans)