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Italian Gambling Market Has Exploded in the Past 15 Years, Report Finds

The Italian gambling market has literally exploded over the past fifteen years, according to a report by independent research agency Eurispes

Gambling turnover more than doubled in Italy in the period between 2008 and 2017, according to the recently released report. It amounted to €101.8 billion in 2017, up from €47.5 billion in 2008 and from €15.5 billion in 2003.

Overall gambling revenue hit €19 billion in 2017. Of that amount, a total of €10 billion was contributed to the nation’s coffers, Eurispes’ Italy 2019 Report showed.

According to the study, three in ten Italians, or 28.2% of the country’s population, have engaged in one form of gambling or another. Around 18.3% of all gamblers took part exclusively in offline gambling activities, only 2% told Eurispes researchers that they gambled online only, and 7.9% gambled both online and offline.

Based on the responses of interviewed gamblers, Eurispes researchers listed scratchcards as the most popular gambling activity with a participation rate of 85%, other lottery products also occupied the top spots in the gambling participation ranking. Around 52.7% of all interviewed gamblers engaged in sports betting, while 22% opted for casino gambling.

The Most Harmful Gambling Products

Eurispes researchers also asked interviewees to list the most dangerous forms of gambling. Slot machines were defined as l’uomo nero (boogeyman) of gambling, with 83.4% of those surveyed saying they were the gambling activity that was most likely to incur great harm.

Slots were followed by online gambling with 78.3% of those interviewed considering digital gambling services extremely harmful, sports betting with 71.8%, and scratchcards with 66.7%.

Nearly 28% of all respondents listed the hope for a big win as what motivated them to gamble, followed by the search for easy money (22%), and just for fun 21.1%.

The growth of Italy’s gambling market is expected to slow down in the coming years in the wake of the newly implemented blanket ban on all forms of gambling advertising and the newly revised taxes on gambling services.

As from January 1, licensed online casino operators are required to pay a 25% tax on gross gaming revenue, up from 20%. The Italian government projects the increased rate will bring an additional of €50 million a year for the budget.

Online sports betting operations are now taxed at €24% on revenue, up from 22%. Retail betting is now taxed at 20% following the introduction of the new taxation regime. The government projects additional sports betting tax revenue of €30 million a year.

The increased gambling tax rates came as part of Italy’s budget plan that aims to cut the nation’s deficit to 2.04% of GDP.

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The post Italian Gambling Market Has Exploded in the Past 15 Years, Report Finds appeared first on Casino News Daily.

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February 2019
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