|German lottery company Tipp24 has announced the launch of a UK lottery site at lotto24.co.uk.|
The Hamburg-based company stated that the new British operation would provide access to a basket of European lotteries and be operated on a license secured from UK authorities last month.
German firms have been eager recently to move into the UK market due to uncertainties surrounding the nation’s legislative situation and the possibility that restrictive laws could come into effect early next year.
Tipp24’s move follows the launch last week of Jaxx.com, a sportsbetting subsidiary of the Germany’s Fluxx.com, but the firm was quick to squash rumours that it might also enter the UK’s sportsbetting market. Tipp24’s Directors are still dealing with the news from major shareholder Earlybird Venture Capital last week that an unknown investor was buying stock in attempt of a takeover.
Tipp24's third quarter results showed yearly revenues up 17 percent to $41.7 million and earnings before interest and tax up 2.4 percent to $7.6 million. Third quarter earnings were higher than expected, coming in at almost $4.4 million.
The firm’s founder, Jens Schumann, stated that he was proud that the company had posted record third quarter earnings despite the uncertainty created by Germany’s legislative pondering.
The company stated that it plans to stabilise its market share in the online lottery market and expects further growth in billings and revenues. Analysts report that the online lottery firm could post yearly revenues as high as $40.78 million with earnings of $11.7 million.