The Italian iGaming regulatory authority, Agenzia delle Dogane e dei Monopoli has finally taken the bold step up ahead and has decided to liberalize the local market. After more than 4 months of waiting, the first 120 gaming licenses have been put on the block, with 40 of them suposedly having been already "snatched" by operators already established in Italy. The new licenses will cover virtually every aspect of sports betting, casino games, bingo and the much anticipated betting exchanges. Although no special mention has been for daily fantasy sports and the use of Bitcoin and similar cryptocurrency, experts remain optimistic as the ADM has yet to rule out their regulation.
The financial and legal obligations include:
- €200,000 as an up front fee, with the intention of accruing a total of €24 million from the 120 licensees
- Proven capital reserves of €1,500,000 to serve as a guarantee for a two year period
- Operators who apply for a license will have to supply €100,000 for one year as a guarantee upon obtaining the license
- Operators must be based and regulated inside a European Economic Zone country
Typical however to the recent licensing alteration delays, the ADM has yet to announce GGR obligations of the licensees while the deadline (set for March 31st) is set to be postponed according to speculation. Licenses will expire on 31 December 2022, with several operators having already declared their interest in applying.