Italy Starts to Complete Online Gambling Regulatory Framework

The Italian decision declaring that betting exchanges are to be regulated delighted the online betting exchange Betfair. The mega company from the United Kingdom has been pursuing the Italian market and now the path is relatively clear for that to happen. Betfair, a leading sports book now has to go through the process of getting authorization for the activity expanding its current license to operate. 

The Italian government’s ministerial decree, that they will allow the exchanges to operate, will still go through the rigorous and strict European Commission approval process. Then it must go back to the Finance Ministry of Italy for final approval.
Betfair’s  development into the European jurisdiction is important to the company in many ways. The firm has embarked on an international mission to create a market for its products and services and that may now start to prove very successful. Italy is a lucrative market and the Betfair team is up for the challenge.
Martin Cruddace, Betfair’s Chief Legal and Regulatory Affairs Officer, he thought the opportunity the decree presented to the firm was positive in all ways possible. He added that the authorities are confident that betting exchanges will be good consumers in the online gambling market. The gentleman added that the decree is hugely important to Betfair in a large and competitive market.

Since the Italian market opened its doors the bigger international online gambling operators have been in Italy offering poker and casino games to the public. The decree allowing online betting exchanges to be regulated and operate once they are authorized is the last spike in the regulatory framework that Italian approved of last year.
Founded in 2000 Betfair won the Queen’s Award for Enterprise in 2008 and is owned by The Sporting Exchange Limited. It is licensed to operate in many jurisdictions including Australian markets by the Tasmanian Gaming Commission.