Italy

Italian nightmare continues as MPs approve new turnover tax

To the dismay of licensed incumbents, Italy’s parliament has approved the introduction of an emergency ‘turnover tax’ on betting and virtual sports wagers. The publishing of last week’s state gazette confirmed that MPs had backed amendments introducing a new ‘temporary’ 0.5% turnover tax across all betting-related verticals – online, retail and virtual sports content. The turnover tax is introduced as …

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IGT records dire 2020 opening as COVID-19 impacts all primary revenues  

IGT Plc has declared a tough opening to 2020 trading, reporting that COVID-19 restrictions have impacted ‘all business segments operating all primary revenue streams’.  Dire Q1 2020 metrics saw the firm record an 18% decline in group revenues to $940 million (Q12019: $1.14bn)  As a consequence of Mid-march lockdown orders the New York-listed technology group abruptly lost its revenue streams …

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AgiproNews Italian View – Who can save la ippica?

Italian business waits for parliament to publish its ‘Revival Decree’ outlining the terms and conditions attached to sector-specific rescue packages sanctioned by the government. Having handled the epicentre of Europe’s coronavirus outbreak, Italy enters ‘phase two’ of its lockdown procedure allowing bars, restaurants and further commercial properties to reopen obeying social distancing orders. Meanwhile, in Rome, the Chamber of Deputies …

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Italian betting lambasts parliamentary debate on wagering tax

Italian betting leadership has issued a response to parliamentary discussions on introducing a new 0.75% tax on betting and virtual sports wagers aimed at raising funds for ‘distressed Italian sports’. Italian Parliament continues to discuss the terms forming its ‘Revival Decree’ – a critical mandate which seeks to support the recovery of business and society from the long-term effects of COVID-19. …

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Highlight Games continues Soccerbet momentum with SuperSport deal

HD virtual sports specialist Highlight Games has secured a new agreement with SuperSport to supply its Soccerbet product. The agreement sees Highlight Games supply both single match and league versions of its Soccerbet product across SuperSport’s online, mobile and retail divisions – both of which will be made available in both English and Italian. Soccerbet will feature footage from English …

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ADM reveals horror show March for Italian betting

Industry Q1 2020 figures published by Italy’s customs and monopolies agency (ADM) have depicted the grim reality of COVID-19 damages on Italian betting incumbents. Recording just 10 days of wagering activity during March, Italian betting recorded a near collapse across its retail and betting channels. ADM figures reveal that March online betting revenues (GGR) decreased to circa €49 million, representing …

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Mike Ciavarella: No Tweaking… A rebuilt Newgioco is the real deal for US Wagering

Newgioco Group Chairman and CEO Michele (Mike) Ciavarella has led an eight-year project to launch the Italian legacy outfit in the US, seeking to be the best-prepared technology incumbent tackling the world’s biggest and most diverse sports market. Speaking to SBC, Ciavarella details that technology stakeholders will face a rude awakening if they simply ‘copy-paste’ European strategies to US market …

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Italian sports calls to halt ‘Decree restrictions’ but government won’t listen

Leadership of Italian sports has urged the government to restore betting advertising for a 12-month period to support professional leagues, sports clubs, athletes and relevant stakeholders navigate COVID-19 disruptions. The call for a temporary suspension of Dignity Decree provisions on gambling advertising and sponsorship has been led by LEGA Serie A governance. Since July 2019, all Italian sports leagues have …

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Conte rescue plan eases tax burdens on Italian gambling

As Italy enters its fourth week of national lockdown, Italian gambling incumbents have been provided light relief by the government’s new economic measures. Prime Minister Giuseppe Conte has secured an initial €25 billion rescue package, aimed at primarily protecting company payrolls, mortgage repayments and commercial rents. Further measures see the government temporarily suspend tax duties for a number of ‘at-risk …

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IGT names Max Chiara as inbound Group CFO

IGT has concluded its four-month executive search after confirming the appointment of  Massimiliano ‘Max’ Chiara as its new Group Chief Financial Officer (CFO), effective from 6 April 2020. Max Chiara will replace long-term CFO Alberto Fornaro, who ended his nine-year tenure leading IGT’s financial units last December, joining South Korean e-commerce retailer Coupang Group.  Updating investors, IGT has stated that …

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