Italian gambling market loses 1 bln euros in annual revenue to illegal gambling sites

The European Gaming & Betting Association (EGBA) says Italy’s illegal online gambling market generates about €1 billion in annual revenue. The association noted that this figure is equal to the value of gambling revenue generated by eight other EU countries. According to the EGBA, the apparent growth of the black market requires regulatory revisions, which are currently announced by Italy’s Ministry of Economy and Finance. 바카라사이트

The EGBA uses a recent report by La Gazetteta dello Sport to say that Italy’s gambling market is processing around 25 billion euros in bets a year, with an unlicensed gambling share of 18.5 billion euros, which is 75% of the total amount paid in Italy. Based on these figures, the association estimates that the Italian gambling market loses nearly 1 billion euros in total online gaming revenue to black market websites each year. The EGBA reported that the lost revenue was equal to the regulatory market revenue generated in the eight other EU countries combined.

The association is also concerned that many Italian players bet on non-EU websites that lack basic consumer protection. According to reports, the Italian Customs Exclusive Authority (ADM) has already blocked more than 9,800 illegal gambling websites this year to testify about such cases, which grow every year. The EGBA’s concerns about consumer protection have reportedly been addressed to Italian authorities to avoid the pending risk of Italian gamblers gambling on regulated websites with solid responsible gaming practices and often unlicensed operators based outside the EU.

In line with the EGBA report, Italy’s Economic Finance Ministry (MEF) has issued a preliminary decree for amendments and resolutions calling for the government to review and amend the current applicable online gambling laws in the country. Sources say the MEF decree proposes new measures to combat illegal gambling and ensure responsible gambling practices, along with changes related to online gambling licensing fees and regulatory oversight.