Deutsche Telekom to Enter the Sports Betting Market

The telecommunications giant and specialist, Deutsche Telekom, is allegedly going to enter the sports betting market shortly, several sources close to the company reports. It is not uncommon for larger companies to diversify into other industries where they believe they can make money and have an edge over their competitors.

Deutsche Telekom will be entering the sports betting industry through a company called Deustche Sportswetten (DSW) which is currently owned by an Austrian company. Deutsche Sportswetten is working on obtaining a permit to operate and once obtained, Deutsche Telekom will purchase the majority of the shares in the company which has already been approved by the Federal Cartel Office in Germany.

Deutsche Telekom has been informed that DSW can expect to receive a license, but has chosen not to purchase the company until it is final. A total of 20 licenses will be given to sports betting companies who wishes to operate in Germany and those not initially receiving a license can complain about it and the regulatory body will have to review all complaints before actually allowing those who received a license to begin operating.