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Italy To approve Online Betting Exchanges

Saturday May 11,2013 :  ITALY SET TO APPROVE ONLINE BETTING EXCHANGE ACTION
 
Another wagering concept could be liberalised before the end of May
 
Italian online punters with a yen for P2P betting exchange action could see their wish list fulfilled before the end of this month as the Italian regulator AAMS moves closer to including this wagering format in its acceptable list of betting methods.
 
May 24 is the current implementation date for the new regulations, which will see suitable companies subjected to extensive testing and inspection by testing agency SOGEI before being let loose on the Italian betting public.
 
However, the testing process is only scheduled to begin in July 2013, so practical exchange betting in the Italian market is unlikely to be in place until August or later.
 
The Italian market offers good potential to companies like Betfair and Betdaq; if accepted and licensed, they will be able to charge up to 10 percent commission on matched bets, but will have to pay a 20 percent tax on profits to the Italian taxman.
 
Maximum winnings per bet on betting exchange activity have been capped by the regulator at Euro 10,000.
 
As with other forms of online gambling, the Italian market is ring-fenced, or dedicated, which restricts player liquidity. The Italian regulator has recently been in talks with its French and Spanish equivalents in a bid to consider the benefits of shared player pools but nothing concrete has yet emerged from these discussions.
 
Home-grown competition could be formidable; the Italian software and network provider Microgame has been talking about a betting exchange product for some time, and it has collaborated with Betdaq partner Global Betting Exchange in developing a proprietary product branded People's IBEX.

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Gambling News :

IGT Continues Partnership with Coljuegos EICE - IGT will continue its 16-year partnership with Colombian administrative gaming authority Coljuegos EICE following a public procurement process for a five-year private operator contract to run the draw-based online lottery game Baloto.

Magic Spells SLot Launches - The penny slots’ Wild symbol is a bubbling cauldron which is an Expanded Wild that can cover up to four positions for multiple winning combinations.

Mega Moolah progressive jackpot slot was hit for Euro 6,078,249.33 - Identified as N.C., the player was a novice who signed up to the online casino on a new customer bonus offering 100 chances to become a millionaire for Euro 5.

Lightning Box Games in Deal With Everi Games - Australian slot developer, Lightning Box Games, has entered into a distribution deal with electronic gaming content provider, Everi Games, for a selection of its proprietary slot content.

Storspiller HighRoller Casino Launches - Storspiller.com is targeted at “high rollers” within Kindred’s total registered customer base who play for GBP 200 or more per month.

Another Attempt to Acquire Tatts - The surprise A$8.4 billion bid for Tatts late last year by the Pacific Consortium caused some consternation in the Tabcorp and Tatts boards, which were in merger talks but these concerns faded following Tatts rebuff of the consortium's offer

US Supreme Court Interested in NJ SportsBetting Case - The US Supreme Court, which is for the second year mulling whether to hear New Jersey's case for wider legalized sports betting in the United States ) has showed some interest in the case.

Ladbrokes Trading Update - The Ladbrokes Coral plc online and land gambling group has released a trading statement for the unaudited year to 31 December 2016, reporting:

Leovegas Player Wins a BMW X4 - A 23-year-old Southampton University student identified only as Leo has won a GBP 50,000 BMW X4 sports saloon car playing NetEnt's Live Casino Roulette on the Leo Vegas mobile gambling,site.

New Survey on Europe Online Gambling Regulations - The companies delivered their conclusions, which include both EU and European Economic Area technical regulations, this week.

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