Germany An Albatross On Tipp24's Neck


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		Germany An Albatross On Tipp24's Neck Updated 28 May 09

	Tipp24 AG's Q1 earnings were hampered by the situation in Germany. The country outlawed many forms of online gambling earlier in the year and Tipp24 said that affected its bottom line. "The intensive political and legal discussions surrounding Germany’s gaming market and the respective legal conditions continued in the first quarter of 2009. Numerous court proceedings have been suspended until a settlement has been reached at a European level," Tipp24 said on its website. "Due to the considerable legal restrictions imposed by the German State Treaty on Gaming and costs in connection with the restructuring of the company’s business fields, EBIT from German operations amounted to EUR -3,077 (prior year: EUR 3,158) thousand. Revenues of the domestic segment fell by 92.6 percent to EUR 725 (9,770) thousand in the first three months of the current fiscal year, as a result of the virtually complete withdrawal of the company’s business base in Germany." Digg Del.icio.us Reddit StumbleUpon Email this page to a friend Go to the Message Boards Contact the editor

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