Some major changes are coming to Italy’s fixed-odds betting markets thanks to recent efforts by the country’s Italy’s Ministry of Economy & Finance (MEF). According to a report in AgiPronews, the MEF is working on a “betting decree” that will include regulatory changes Italian bookmakers have been seeking for a long time.
The most significant change outlined in the betting decree is the ability to offer cash-outs to players in all betting markets. Under the old regulations, cash-outs were only allowed in horse racing. This new feature will beef up all the betting markets and, according to AgiPronew, “Workarounds for cash-outs through ‘bet insurance’ have been available before, but the new regulations will at least ensure they can be regulated consistently.”
Another operator-friendly feature of the betting decree is that it will allow Italian oddsmakers to correct incorrectly posted odds. As it stands today, bookmakers are not allowed to disallow wagers made with incorrectly posted odds and must accept any wager that they’ve taken.
Not surprisingly, the rule changes were welcomed like a long-lost relative by Italy’s licensed gaming operators. Agostino Romano, Snaitech’s Chief Retail Operations Officer commented on the changes saying, “With this regulation, operators align themselves with the international market, thus combating illegal gaming.
“Of importance is the rapprochement between retail and the online world, already promoted by the omnichannel project, thus offering a similar product from both gaming experiences.”
The changes outlined in the betting decree are not yet law and must wait for a review by the ADM, the Italian agency that handles customs and monopolies.