JAXX confident of Schleswig-Holstein licence in April

German operator JAXX SE expects to be awarded a Schleswig-Holstein operating licence in April this year, and will launch its myBet brand in Italy after a successful licence application in the coming weeks, it announced during its unaudited results for 2011.

JAXX, owners of mybet.com, said its earnings before interest and taxes climbed to €1.6m with revenues up 19% year-on-year, rising from €51.2m to €60.7m.

Though it did not break out results for the individual subsidiaries, myBet, which offers sports betting, casino and poker and has been announced as the first white label partner of social betting startup Oddslife, was said to be the best-performing part of the business. Final figures will be published in the group’s annual report for 2011 due on 30 March.

The group also said the sale of its lottery business was progressing, with one unnamed party in the running to acquire the division. The issues involved with demerging the companies and assets and drawing up agreements had taken more time than originally planned, it added. The sale, however, is expected to go ahead for around €12.5m.

The company applied for a Schleswig-Holstein licence by the 1 March deadline, and said it expects the licence to be awarded next month. JAXX was named as one of the 86 companies to have expressed an interest in obtaining a licence in the Land alongside the likes of bwin.party and PokerStars. The Land’s draft gambling law, approved by the European Commission in May 2011, allows unlimited licence applications, and will impose a 20% gross profit tax across all products.

The company has also been awarded a licence by Italian regulator AAMS and will launch casino and poker products in the market under its myBet brand in the coming weeks. It is less positive about its application for a licence in Spain, however admitting that it does not expect to receive official approval before the second quarter of this year.