Auf wiedersehen bet? Online gaming firm 888 poised to quit Germany

ONLINE gaming firm 888 could say auf wiedersehen to the German market after a “highly disappointing” court ruling which could scupper the industry there.

The company said it was “assessing the status and breadth of its offerings in the German market” after a previous decision banning online casino and poker was upheld by a court.

Other operators have pulled out of the market in recent months, while payment firms accounting for nearly 10% of 888’s deposits there have also withdrawn.

Although 888 could appeal to Germany’s constitutional court, a decision on the company’s business there could be taken in a “matter of weeks”, chief executive Itai Frieberger said.

The country accounts for a “single figure” share of revenues and profits, he added. The shares dropped 6%, or 17.4p, to 278.4p.

Despite headwinds such as tougher regulatory scrutiny in the UK, revenues rose 4% to a record $541.8 million (£387.2 million), with strong growth in sports betting.

Peel Hunt analyst Ivor Jones said results underlined the firm’s resilience: “No matter how tight a corner 888 finds itself in, it always seems to find a way out.”