Italian government to shorten online gambling market by 2023

by Administrator

The 5Star-DP coalition government seeks to reduce the total number of Italian online gambling licenses from 85 to 50.

A new online licensing framework forms part of the coalition government’s planned ‘sweeping reform’ of Italy’s gambling marketplace, in which retail concessions will be limited to 250,000 slot machines, 58,000 video-lottery terminals, 35,000 bars, and tobacconists and 2800 gaming halls.

The proposed revision has been communicated by Italy’s ADM customs and monopolies agency, the government department which maintains regulatory oversight of the gambling industry.

The ADM has been tasked with leading the new 2023 licensing framework for online gambling incumbents, who will be charged €2 million for acquiring or renewing their digital concessions, SBC News reports.

In its update, the ADM details that 2023 online gambling licenses will be granted to limited tenders for a period of nine years.

The desired changes follow the coalition government’s confirmation that industry taxes would be increased on VLT and AWP machines, as 5Star-DP Budget Law seeks to squeeze a further €600 million in taxes from Italy’s gambling sector.

In addition to increased tax charges, Italy’s new coalition will enforce a new mandatory registry controlled by the ADM, which will monitor all gambling-related transactions and financial exchanges, as the government seeks to strengthen the ADM’s AML controls.

New ADM powers will allow the customs department to prohibit national banks from processing payments for gambling companies without an Italian license – with the agency allowed to sanction fines ranging from €300,000 to €1.3 million for banking institutions that do not comply.

https://www.yogonet.com/international/noticias/2019/11/19/51610-italian-government-to-shorten-online-gambling-market-by-2023