From Hundreds to Dozens: Italy Restructures iGaming for a Select Few

The Italian regulated iGaming market has undergone a massive change over the past month, as the regulators changed the rules of the games and effectively shrunk the market from more than 400 operators to just 52 in total. 

The new policy is being enforced by Agenzia delle Dogane e dei Monopoli (ADM), the country’s chief gaming regulator, but apparently stems from much higher up in the government, as the aim is to make the gaming sector more compact and easier to regulate and control. 

For some of Italy’s biggest iGaming operators, the new changes may not be pleasant, but they will be surmountable. For the smaller ones, however, the changes meant the end of their Italian operations. 

While policymakers have pushed the reform as modernization and a push toward transparency and regulation, for a number of iGaming operators, it has been nothing but bad news. 

The Full Scope of the Italian iGaming Reform

The Italian iGaming reform started in late October and has now been completed. The biggest highlight, of course, is the reduction of iGaming licenses issued by ADM to just 52 in total, from more than 400 that were active just months ago. 

Under the new regulation, each iGaming license corresponds to just one domain, which means that operators with multiple brands were forced to either merge the brands, shut them down, or seek a new license for each brand. 

While a number of larger companies in the Italian iGaming space were able to compensate, merge, or rebrand, the smaller operators who were already struggling were simply left out. To make matters even worse, the licensing fees were increased as well, going from just €200,000 per license to €7,000,000, along with multi-million guarantees the operators have to showcase to back the brands. 

The newly reshaped market may end up being more transparent, compliant, and compact, but its effect on a number of companies and the people working in them will be significant. 

Major Players Leave Italy, Few New Operators Apply

The contraction of the Italian iGaming market we are seeing is one of the most significant events of its type we have ever experienced. 

Over the next year, companies and brands are likely to merge even further, reducing the number of active operators to just a few dozen, all owned and operated by massive international conglomerates. 

Even among the big players, the interest in being part of this market is diminishing. Major iGaming brands like Unibet and Betway decided to stay out of it and have not even applied for the new licenses. In all likelihood, the costs associated with licensing and the continued advertising blocks have made the business not worth their while. 

As operators like Unibet leave Italy, few new companies are interested in entering the market; Stake was the only new operator to request and receive an iGaming license in 2025. 

As the market continues to shrink and players have fewer options than ever, it remains unclear how the competitive landscape will be affected. 

The Marketing Paradox Continues

For years, iGaming operators were not permitted to advertise in Italy under the Dignity Decree, which banned gambling on TV and in other media nationwide. With the market reform, many expected the advertising rules to change as well, but they have not. The blanket ban on iGaming marketing remains in place, and the remaining operators will have to look for alternative ways to recruit new players. 

Of course, the existing loopholes remain, with many brands advertising their sites as sports news, odds comparison sites, and other similar services, which are associated directly with their gambling brands. 

The loopholes may eventually be plugged, but the regulators should seriously consider allowing iGaming companies to promote their products in some capacity, or more operators may decide working in Italy simply isn’t showing a profit.