-
Casinos for you
Gambling is Flourishing in Italy and Will Continue to Grow Beyond 2023
By Shane Addinall Sep 19, 2023 IndustryGambling has seen a sharp increase in Italy from 2021 to 2023. We reviewed the Chamber of Commerce’s comments, concerns, and a proposed increase in taxes on winnings.Many of the online casino games we know and love have their origin in Italy’s rich gaming history. Venice, Italy, even holds the honour of hosting the world's first official gambling house, the Ridotto.
Even the term popular gambling terminology originates in the Ridotto, as once the officially recognised venue was closed in 1774, players moved the pastime to private gaming clubs. These venues were called 'casinos' which means "small houses" in Italian.
The Chamber of Commerce 2023 Review
Earlier this month, the Italian Chamber began its review of the General Report of the State Administration (2022) and the planned state budgetary provision for 2023.
In determining the current trends for gambling in Italy, the assembly reviewed a summary analysis of 2021 into 2022 to determine the market trajectory. In 2022, the local gambling market grew to €21.5 billion in 2022. There is an expectation that the market will continue to grow by an average of 5% year on year from now until 2028.
This substantial increase in gaming revenue resulted in the state exceeding its gaming income projections by a staggering €2.1 billion. This increase is a fantastic result of a market that achieved a total volume of €21.5 billion in 2022.
These revenues are the combined earnings from its licensed and regulated gambling markets, including land-based casinos, online casinos, betting, and lotteries.
The Market Requires a Balanced Approach
On the surface, surpassing the projected income level by over €2 billion sounds good, but there is some concern about what this spike in gambling interest means for the country and its citizens in the long term.
These concerns are stated in the report:
Quote"The gaming industry is increasing overall, with a 76% increase in tax revenue from the games themselves."
Commenting on this incredible increase in turnover, the Honourable Francesco Mari added:
Quote“I considered that the games will hold up, even in 2023, and stated that playing more is not only a negative thing but is also a sign of suffering.”
In a reductive attempt to shift interest away from overspending on gambling and other games of chance, the Meloni government has submitted a taxation adjustment for review. If approved, Italian gamblers will pay up to 25% on winnings over €500 on Lotto, Superenalotto, and Scratch and Win games.
The proposal extends the grace period currently applied to online betting and slot machines until 2024.
You might also like