5Star-DP Coalition Gov. To Tighten Italy’s Online Gambling Industry

0
102

The 5Star-DP coalition government plans to tighten regulation of Italy’s online gambling industry by reducing the number of market participants by 2023.

Attached to the first Budget Law decree of 5Star-DP, the coalition government aims to reduce from its current 85 concessions the total number of Italian online gambling licences to 50.

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

The ADM has been tasked with heading a proposed 2023 online gambling incumbents licencing system, which will be paid € 2 million to obtain or renew their digital concessions.

A new online licencing system forms part of the proposed’ sweeping reform’ of Italy’s gambling industry by the coalition government, restricting retail concessions to 250,000 slot machines, 58,000 video-lottery terminals, 35,000 bars and tobacconists, and 2800 gaming halls.

The ADM states in its update that, for a period of nine years, 2023 online gambling licences will be issued for restricted tenders.

The expected reforms follow the announcement by the coalition government that industry taxes on VLT and AWP machines would be raised as 5Star-DP Budget Law aims to raise an extra € 600 million in taxes from Italy’s gambling market.

In addition to increased tax payments, the new Italian coalition will introduce a new ADM-controlled compulsory database that will regulate all gambling-related transactions and financial markets as the government seeks to strengthen the AML regulations of the ADM.

New ADM powers would allow the customs department to bar national banks from handling gambling companies ‘ transactions without an Italian licence–with the agency authorising fines ranging from € 300,000 to € 1,3 million for non-compliant banking institutions.

LEAVE A REPLY

Please enter your comment!
Please enter your name here