17th of October 2011 Author: Glo Wood
Ã–sterreichische Lotterien GmbH may continue its offering
Austria's Federal Ministry of Finance has completed its tender process after inviting all parties interested in applying for a lottery licence.
The lottery license allows for the provision of games of chance and includes Lotto, Toto, Bonus Game, instant lotteries, class lotteries, numbers' lottery and numbers' games, electronic lotteries, bingo and keno.
Ã–sterreichische Lotterien GmbH has been awarded the licence valid for fifteen years, effective October, 1 2011. Finance State Secretary Andreas Schieder said that due to Austrian Gaming Law's minimum requirements not being met, three of four applications failed.
Government legislation has strict regulations pertaining to this particular licence with prerequisites including unproblematic ownership structures, effective oversight processes and applicants having clear equity of Euro 109 million in order to enable the fulfillment of obligations to winners.
It is important to underline that Ã–sterreichische Lotterien GmbH (Austrian Lotteries) has been providing its offering to Austrians for the past twenty-five years.
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