Click Now!

Bwin Executives Acquitted

Bwin Executives Acquitted

After nearly eight years of legal proceedings, bwin.party CEO, Norbert Teufelberger, and former co-CEO, Manfred Bodner, have both been acquitted in France on charges that they violated legal gambling monopolies in the country from 2003 to 2005.

Bwin Executives Acquitted

After 8 years, Bwin executives are finally acquitted of all charges in France.

The charges claim that the Execs were offering online gaming products to French citizens at a time when only two gaming companies were legally allowed to monopolize the country’s gambling.

These companies were La Francaise des Jeux (FDJ) and Pari-Mutuel Urbain (PMU).

Teufelberger and Bodner were originally arrested in 2006 at a press conference while they were making an announcement of the partnership between bwin and the French soccer club AS Monaco.

The case stood stagnant from 2006 until April 2014.

By this time, FDL and PMU had already withdrawn their complaints but French prosecutors were still looking to fine each of the executives €40,000.

During the same period, the European Court of Justice had allowed other countries to restrict online gambling if it was over concerns of problem gambling or money laundering.

At a later time, the EU Commission found that this was not the case in France as both FDJ and PMU had advertised to French nationals that illustrated that the policies were aimed at maintaining a monopoly for these groups and not to protect its citizens.

In 2010, bwin was the first operator in France to receive an online gambling license.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

COMMENTS

comments