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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When it was established, back in 2000, the Betfair betting exchange revolutionized online gambling. It gave bettors the ability to compete against each other based on a poker or stock exchange model. Players can bet with very high limits and also cover their wagers with more fair conditions compared to the Cash Out feature that traditional bookmakers offer. Professional bettors can use the exchange as a tool to follow the market trends and sell their bets. The high liquidity almost guarantees that your bets will be traded. Betfair is up-to-date with the latest features, like Bet Builder and Request a Bet, and added a fixed-odds section, too. However, the sportsbook payout is below par. Although the market depth in the exchange is huge, it is not as it once was. The liquidity of less popular sports and leagues has decreased dramatically due to the inability of some countries to regulate the betting exchanges, which forced Betfair to exit strategic markets. Moreover, the commission fees are relatively steep compared to other exchanges, such as Matchbook or Smarkets. There are additional charges if you are a very successful trader. Overall, if you are looking to bet on the exchange, then Betfair is unrivaled to any other company.

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