Favourable new regulatory laws will give Italian betting a boost

Favourable new regulatory laws will give Italian betting a boost

Friday, February 16, 2018 Posted by Michael Lawson
No alternative text provided
The changes will see maximum stakes increased to €50,000.

Following recent regulatory approvals, new Italian sports betting regulations and online bingo rules will soon be put into place. Rodolfa La Rosa of multinational law firm Baker & McKenzie announced these regulatory changes when speaking on an Italian sports betting-focused panel at last week’s ICE Totally Gaming conference in London.

Addressing the audience, La Rosa said: “It’s so far so good. And in terms of regulation, it might be worth mentioning that a new regulation on sports betting is envisaged to be enacted.

“A few days ago, the state issued a favourable opinion on the draft of the law. And this new regulation might boost the system.

"Just to mention some account of the numbers, we will be introducing a clear mechanism for the cash out. The maximum win for fixed odds will be increased from the current €10,000 to €50,000; while the minimum bet will be decreased from €2 to €1; and new features will be introduced including the ability to offer a handicap.”

Giulio Coraggio of global law firm DLA Piper described the developments in greater detail on his Gaming Tech Law blog, noting that the fact these new regulations apply to both online and land-based sports betting is “an important component towards the coming into force of these long awaited regulations”.

He also summarised the regulations in four key points:

“1. Rules on palpable errors in odds: this is one of the major issues of the Italian market where players have been taking advantage of a strict interpretation of regulations that did not consider general rules and was often challenged by courts. On the contrary, the new rules will entrust the gaming authority to decide on disputes relating to palpable errors, according to criteria to be clarified;

2. Possibility to perform cash outs: this practice has been allowed so far only for betting exchange games, but is going to be extended to fixed odds sports betting;

3. Ability to award higher maximum winnings: the maximum winning for fixed odds sports betting is increased from €10,000 to € 50,000, with the additional possibility for the gaming authority to further improve it in the future. This is an important change since enables bets to become more attractive also for high punter; and

4. Potential offering of Asian handicap betting: this is now being allowed enabling offerings that eliminate the draw as a potential outcome.”

Regulatory changes have also been applied to online bingo in Italy, with the Ministry of Finance giving the green light to any bingo variant - meaning increased control and flexibility for operators.

Totally Gaming says: After sustained periods of uncertainty and instability, the latest development in the world of Italian sports betting regulation has been translated by those in the industry as wholly positive. Maximum odds have increased, flaws in rules have been patched up and online bingo operators have been given added freedoms. Now seems like the perfect time for operators to apply for an Italian gaming licence, with the window for doing so open until 19th March.

Latest
Basketball

NBA strikes first European gaming partnership with FDJ

Zlatan

SBTech extends sportsbook supply deal with Bethard

New York Catskills

bet365 seals major partnership with New York’s Empire Resorts

Houses of Parliament

UK government forced to bring forward FOBT stake cut

Gaming Products & Services Directory

The essential directory for the gaming industry