Tuesday April 8,2014 : BETFAIR LAUNCHES ONLINE BETTING EXCHANGE IN ITALY
Italian Exchange will operate with ring-fenced national liquidity and pay tax at a rate of 20 percent on commission.
The UK Betfair Group plc has announced the long-awaited launch of its Italian online betting exchange following the conclusion of an extensive testing process with the regulator ADM and SOGEI.
The Italian Exchange will operate with ring-fenced national liquidity and will be taxed at a rate of 20 percent on commission, the company says. It will join Betfair’s current Sportsbook, Poker and Casino products on www.betfair.it.
Commenting on the launch, Betfair CEO Breon Corcoran said: "We are pleased to be the first fully regulated Exchange operator in Italy and look forward to bringing the advantages of our innovative betting platform to Italian customers, including the ability to Cash Out their bets. We believe this launch marks an important step in our drive to grow sustainable revenues."