Betfair Applauds Italian Betting DecreePublished January 17, 2012 by OCR Editor
Italian authorities notify European Commission on regulation of betting exchanges.
UK based online gambling company and leading sportsbook Betfair this week welcomed the actions of Italian authorities in notifying a ministerial decree to the European Commission that it will regulate betting exchanges in Italy.Opens Door for Betfair
This decree will allow Betfair and other foreign companies to apply for authorisation under its current Italian online gambling license to operate the company's betting exchange service in-country. The ministerial decree is set to be reviewed by the European Commission, and then returned to Italy's Finance Ministry for approval.
Once approved, this will virtually complete Italy's transformation into a completely open market for foreign online gambling operators. Regulations were approved last year to allow operators to offer online poker and casino games, bringing big names like 888casino and William Hill Casino into the market.Signals Positive Development
Betfair chief legal and regulatory affairs officer Martin Cruddace, addressing the Italian decree on online betting, said his company was delighted for the opportunity it presented. He added that the decree signified the positive on-going development of online gambling regulation in Italy, and demonstrated that local authorities have full confidence betting exchanges will be good consumers and the general betting market.
As for what it means for Betfair, he said international expansion is a key element of the company's current growth strategy, and therefore the ability to license its core exchange product in a market as large as Italy's is "hugely important for us."
For more on the local market in Italy, visit Online Casino Reports Italia.