Tipp24 A.G., a German online lottery operator, posted revenues of 11.4 million euros, an 8 percent increase in revenue compared to 2007 third-quarter results, while net profit dropped by 1.26 million euros.
The report highlights included that Giochi24, a subsidiary of Tipp24, was awarded a license for the operation and marketing of online gaming. The company said this license enables Tipp24 to market in Italy all state-licensed Italian gaming products via the Internet. According to Tipp24, the specific use of the license for lottery products depends on technical specifications being provided by the state, which the company expects by early 2009.
Additionally, Jens Schumann, Tipp24's chairman, said in a prepared statement that a recent decision by Germany's Federal Constitutional Court “was a blow to us.”
“We still believe that the State Treaty on Gaming contravenes higher-ranking E.U. law, especially with regard to the general Internet ban,” Mr. Schumann added. “The verdict of Berlin's Administrative Court confirming this is still valid. We therefore continue to believe that our appeals for temporary legal protection from Germany's administrative courts will be successful.”