UK Gambling Operators Enter the Italian Market
Italy’s gambling market received a lot of attention from the leading UK gambling operators in the recent years. The country’s online gambling market is underdeveloped, and UK’s gambling industry leaders recognised the market’s potential. Over 80 gambling companies applied for a licence from Italy’s gambling regulator, including leading UK PayPal casinos, sports betting, and poker sites.
Europe’s second-largest gambling market started accepting new gambling operators at the beginning of the year. In January, the Italian regulator launched a public tender awarding up to 120 gaming licences.
One of the conditions for getting a licence was a €1.5 million bank guarantee for operators that don’t hold a permit from any EU country. Gambling businesses that didn’t have a €1.5 million turnover in the past two years needed a bank guarantee as well. There was also a one-time fee of €200,000 for all bidders, which helped the country collect €16 million in the process.
The deadline for submitting applications was March 19th, while opening applications were due on April 19th. As Italy’s watchdog reported, 80 companies applied for the Italian gambling licence. Furthermore, all applicants met the requirements for obtaining a permit, which will be valid until the end of 2022.
Bet365 casino was one of the applicants looking to expand their business and enter Italy’s gambling sphere. PokerStars, Videoslots, and Lottomatica, among others, also applied for a licence from Italy’s gambling regulator.
At this time, Italy counts 92 gambling operators; 45 of them already had licences in Italy. If Italy’s watchdog approves all permits they have received in March, the Italian gambling market will have 172 operators.
As you can imagine, Italy’s gambling scene is the hottest thing right now, and online gambling firms entering the market expect huge profits. Of course, if everything goes as planned, Italy will see financial gains in the online gambling sector as well.