Premiere folds gambling channel

Betting bans in Germany put kibosh on Premiere Win

BERLIN — Paybox Premiere is pulling the plug on its much ballyhooed gambling channel Premiere Win due to the legal uncertainty of gambling offerings in Germany.

Premiere ended its partnership with U.S. gaming firm Magnabet, which was the basis of Premiere Win.

International online gambling companies have suffered an autumn of discontent after the U.S. Congress passed legislation prohibiting the use of credit cards, checks and electronic fund transfers for online gaming in October.

In Germany, three federal states have imposed bans on commercial betting, making the overall gaming market a risky venture.

Premiere is said to be looking for another partner in order to continue the channel, but with lawmakers here unlikely to loosen gaming laws, a new channel may be severely restricted.

The end of Premiere Win is the latest blow to Premiere, which is facing growing competition from upstart pay TV and video-on-demand operators and was forced to stomach the loss of top league Bundesliga soccer.

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