August 22nd, 2011 | Published in Casino News
Several years back Italy opted for limited regulated online gambling regulations which focused specifically on online poker tournaments. In the middle of July 2011, the operators licensed by the Italian Regulatory Authority started delivering online casino games. Furthermore, November 2011 is the date for online poker cash games.
In the European Continent, regulatory authorities are levying a tax on the turnover of online gambling. The Italian regulatory body accepted the recommendation from the online gaming industry and enacted the 20 percent to gross profits. Analysts are closely monitoring the taxation policy to see if it generates the predicted revenue. If the revenues are not close to the predicted number, the regulatory body will switch to turnover taxation.
Rise in Gaming Volumes
Since the enactment of online gambling, Italian players have flocked to the activity in droves. Gaming volumes continue to increase between three and ten times higher per week than the past. Turnover estimates for the Italian gambling market for 2011 surpassed 10 billion Euros. For 2012, the estimates are at over 20 billion Euros. There are two contributing factors for the predicted success: launch of online slot games and entry of foreign operators.
Advertisements Boosting Participation
Immediately following the launch of online casino games, television and online advertising campaigns were released. This contributed to the significant growth of online gambling in Italy. Those operators who have already applied for the license are attempting to enter the market and immediately grab a large share prior to the competition.
Leading online gambling software developer, Playtech, is now one of the largest companies in the Italian market. Playtech was the first online casino to complete the testing process for the online casino while complying with regulatory bodies. There are also several Playtech licensees operating in the Italian market including Buoniorno, Sisal, WHO and SNAI. Each casino delivers a variety of Playtech games to its players.
Additionally, Playtech has been offering online poker tournaments at these casinos since 2008. The success of these tournaments is attributed to the iPoker Poker Network. Beginning in November 2011, Playtech will be providing cash games.
The Italian online gambling market appears to be running smoothly with several important dates coming in the near future that will expand the activity. Also, with the entrance of foreign operators, taxation levels will rise for the country. Given the current financial landscape of Europe, this will significantly help the country.