Famous sports betting and casino operator Betfair has announced that it will from now on sponsor the famous German sailing event called Multi One Design (MOD) 70 Sailing Cup. The new deal will allow the company to further expand into the German market.

Betfair will be one of the official sponsors of the famous Multi One Design (MOD) 70 Sailing Cup that will be organized in the German province of Schleswig-Holstein in September 2012. The partnership will also include advertisement rights at another sailing event, the June Kieler Woche.

The managing director of Betfair's German branch Peter Reinhardt commented the following regarding the new deal:

"Be it through sponsorship or corporate social responsibility initiatives, it is our aim to help support and bring benefit to local communities and sport, which is why we're so pleased with the signing of this deal."

Organizers of the event commented that they are delighted that a reputable company such as Betfair decided to invest into the event. The organizers believe that the sponsorship deal will offer many benefits to each party involved. They have noted that the money originating from the deal will highly benefit the local communities.

The German state of Schleswig-Holstein is the only province at this moment that has a fully implemented and liberal online gambling legislation. The Province adopted its current legislation in September 2011 after it did not manage to agree with the Federal Government regarding the implementation of a new nationwide legislation.

The new online gambling legislation of Schleswig-Holstein will enter into force on March 1st and will offer online gambling and sports betting operators the chance to acquire online gambling licenses in the Province. The new legislation does not limit the number of licenses available and will require operators to pay only a 20% tax on all online gambling gross profits.

The legislation of the Province is in sharp contrast with the Federal online gambling legislation that only allows a handful of licenses to be issued as well as requires operators to pay exorbitant taxes. Unlike the Federal legislation, the legislation adopted by Schleswig-Holstein is also fully compatible with European Union laws and guidelines.

Tags: Betfair, Sports Betting