Amministrazione Autonoma dei Monopoli di Stato (AAMS), the country’s gambling regulator, gave efbet the green light to enter the sports betting and casino industry in Italy.
This is just the latest phase of the growth plan of efbet which is Bulgaria’s largest sportsbook and casino operator, having already gained licences for Romania, Serbia and Spain.
After signing the official papers for the Italy licenses on October 17, efbet now has nine months to fulfill the technical requirements set by the AAMS to become operational.
It has, however, set itself a more ambitious goal than the July cut-off. According to Boyan Naydenov, the co-founder and COO of the venture, the team is working towards a goal of being live by the end of Q1 2020, with the help of its external partners.
Naydenov, who together with his brother Tzvetomir and father Stefan founded the family business in 2006, said: “We are excited about the opportunity to enter the Italian market, which audience is widely regarded as one of the most passionate about sports and gaming.
“After having successfully launched for other international markets such as Romania, we are confident to measure ourselves against the other big brands in the industry.
“Our company has a proven track record of offering a product with excellent platform user experience, attractive odds offered by our own trading and risk management team, loyalty program, quick verification and payment of winnings. All this combined with our agility and local approach will be the key success factors we rely on.”
For the Italian gambling industry, it was a tumultuous 12 months. Significant sports betting tax increases–both digital and retail–were accompanied by clarification of the blanket ban on gambling advertisements, effective this July, before the new government of the country set out new plans to introduce stricter payment processing laws earlier this month.
Efbet supports these new legislation which, when passed, will prohibit Italian banks from processing any transactions affiliated with non-authorised gambling operators because it will allow them to stand out against competition from the’ grey market.’