LÖWEN Group Sees Potential for Growth
A German gaming firm, LOĒWEN-Gruppe, remains hopeful for the future following the challenging year of 2020. The Corporate Responsibility Report of the company shares details about its endeavours and accomplishments during this difficult time. The impact of the Coronavirus pandemic on this German industry leader is evident, but the company showcases future plans and developments in its report.
Time for Innovation
The year 2020 was consumed entirely by the Corona crisis and presented significant hurdles to the global economy. The gaming sector experienced significant financial losses as a result of the pandemic's impact. Similarly, the LOĒWEN-Gruppe, a major German player in the industry, felt its effects, as it called it "unprecedented crisis conditions" in its report. The company and its nearly 4,200 employees are still grappling with the challenges brought on by the pandemic. Despite several months of short-time work and extensive cost-cutting measures, the economic downturn hasn't been completely overcome.
The LOĒWEN-Gruppe, based in Bingen am Rhein, is one of the largest German gaming companies. It deals in slot machines and various gaming devices. This firm has witnessed steady growth within the gaming industry, allowing it to enjoy a promising economic standing. In 2018, their turnover stood at around 645 million euros.
Despite the trying circumstances, the gaming firm has not lost sight of the future. The lockdown provided a unique opportunity to focus wholly on the development of new games and technologies. The aim was to emerge from the crisis more robust and well-prepared. One example of this effort is the new slot machine "Sizzling Book," which combines the popular titles "Book of Ra" and "Sizzling Hot."
Technically, the company has also been quite busy. The team has worked on the development of a free-play terminal equipped with a document reader. This terminal aims to help casinos and gaming venues fulfill the requirements of the new Gaming State Treaty (GlüStV) more effectively. Specifically, it addresses the player exclusion system.
Prospects for an Online Presence
The GlüStV's foundation, in general, looks promising for the LOĒWEN-Gruppe. In particular, the legalization of online gambling is long overdue, according to the company. The market's liberalization process has come late, given that the online gaming market has reached dimensions where the black market can flourish. Players and gamblers often cannot differentiate between legal and illegal online casinos.
Oliver Bagus, the Managing Director of the LOĒWEN-Gruppe, confirms that many companies in the sector have aimed to provide their services online in Germany for years. The LOĒWEN-Gruppe is also part of this group, seeking a German license. The preparations for this transition have already begun. While it's impossible to say at present whether the move to online gambling will be profitable, the company remains optimistic for the future.
The appeal of legal gaming offerings depends on the successful implementation of the new legal framework. According to Bagus, the regulatory authority must demonstrate its ability to curb illegal providers from the market. Only then can the quality of the new regulations be assessed to determine if they bolster the appeal of legal options.
Criticism: Contradictory Official Policies
Although the outlook is generally positive, the LOĒWEN Group reflects on the crisis year 2020 with much disapproval. The group criticizes the current anti-gambling policy in Germany, which has taken a more serious stance during the Corona pandemic. The gradual reopening of land-based gaming venues is happening too late, in Danil Henzgen's view, who is a member of the LOĒWEN Group's management:
"Only he who explains problems scientifically can solve them socially. Politics—both in pandemic management and in gaming regulations—is still far removed from this insight. Science is only quoted when it aligns with one's own worldview. So, in Baden-Württemberg, alone, 8,000 jobs are at risk due to an unrealistically stringent, scientifically meaningless distance requirement for gaming halls set to take effect with the implementation of the Gambling State Treaty in July 2021. Combination gaming halls are labelled as dangerous while online casino offerings are allowed nationwide. Even the state lottery monopoly plans to provide online slot machines."– Daniel Henzgen, a member of the LOĒWEN Group's management, LOĒWEN Group's Corporate Responsibility Report
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Source: www.onlinecasinosdeutschland.com
