German telecommunications company Deutsche Telekom has announced plans to expand its services and enter into the online sports betting market.
In a statement, a company spokeswoman said that although the company has identified the market as an expansion area, it is not yet clear what products it will offer customers.
“The sport betting market is booming so an entry is of interest to Deutsche Telekom,” a spokeswoman said, according to the Reuters news agency.
“It is not yet clear what products we will be offering.”
German newspaper Sueddeutsche Zeitung said on Saturday that Deutsche Telekom intends to offer its betting services through a company called Deutsche Sportwetten (DSW), which is expected to gain government approval.
The spokeswoman added that DSW is one of the companies on the list for a licence, but the final decision remains subject to a 15-day waiting period.
If DSW is granted a gambling licence by German regulators, Deutsche Telekom is expected to take a stake in the company and become its majority shareholder in a move that has already been approved by the country’s cartel office.
DSW is currently owned by an Austrian gambling company, which is set to remain a minority shareholder after Deutsche Telekom purchases a stake.
