Italy redefines iGaming market, major operators dominate
Italy is undergoing one of the deepest regulatory transformations in its recent iGaming history. The reform, activated in November 2025, drastically reduced the number of authorized domains and substantially raised the requirements to operate in the country. The immediate effect was the formation of a much more concentrated market, where only operators with greater financial capacity managed to remain.
The Customs and Monopolies Agency (ADM) granted 52 licenses to 46 companies, replacing the previous scheme that allowed the multiplication of brands and subdomains. With the new rule of one domain per license, hundreds of brands disappeared from the regulated map. At the same time, the price to enter the market became prohibitive: the fee rose from about 200,000 euros to 7 million euros, in addition to additional financial guarantees.
For experts like Christian Tirabassi (Ficom Leisure), these measures mark the beginning of a consolidation cycle that will further reduce the number of players over the coming months. Meanwhile, Quirino Mancini (WH Partners) states that the new scenario makes the government's intention clear: “The market has been configured so that only the big players can compete.”
Among the groups that maintained a presence stand out Flutter Entertainment (Sisal, Snaitech, and Betfair), Sky Bet Italia, Bet365, Betsson, Eurobet, 888 Italia, LeoVegas (MGM), and IGT. Stake was the only new significant operator to obtain a license.
Despite the system's modernization, the country kept intact the almost total ban on advertising, something the industry had expected to be relaxed with the new concession. According to Mancini, this restriction continues to favor illegal operators with offshore presence, who attract users without the regulatory requirements of the local market.
The reform also strengthens identity control requirements, anti-money laundering prevention, responsible gaming, and operational reporting, increases that add pressure on smaller companies. In this context, operators with a network of physical locations gain clear advantages, as they can rely on their points of sale for visibility and user acquisition, something forbidden for exclusively digital operators.
Although the market has shrunk in the number of participants, it remains one of the most important in Europe by betting volume and tax revenue. With the licenses, the State receives approximately 364 million euros, and GGR projections for 2025 are around 5.2 billion euros.
The restructuring has given rise to a more stable but also more concentrated market. Less competition, higher demands, and large-scale operators mark the beginning of a new stage for Italian iGaming. The challenge now will be to see whether this model favors innovation or consolidates a scenario of few companies with dominant power.
Tags: Italy, Italy betting regulation