Betfair concerned for new tax ruling in Italy

13 Jan 2021

betfair-imageBetfair introduced its sports betting exchange to the Italian market aiming at expanding its betting offering in the country. However, the Italian government introduced a temporary turnover tax. That tax concerns all sports gambling verticals; including anything related to retail, digital and virtual sports activity and sports betting exchanges. The 0.5% rate on the exchange segment is what Betfair acknowledges as the biggest hit. Thus, the operator might reconsider what it is able to offer to Italian bettors.

Betfair challenged the idea of a new tax, as soon as this was introduced; asserting that the temporary tax meant that it would operate at a tax rate of 111%, making the operator’s access to the Italian market inefficient.

As a result, Betfair claimed that its exchange bettors could eventually end up paying more in taxes than what they win, which would be a no sense action. With almost complete control over the betting exchange market in the country, the operator is sure that the tax structure is going to virtually force players to quit using the exchange product.

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If you make yourself familiar with every pink and blue box, you’ll realize why Betfair is a completely different story from any other traditional bookie. The most famous betting exchange operator, Betfair has been in the industry since 1999 and have been the pioneers of a great number of services that almost all reliable bookies offer today. These include live streaming, cash out and many more. As a betting exchange they allow every bettor to act like a bookie himself and lay bets instead of only backing them. However their bonus policy is slim and perhaps could see an impovement.

 

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