Italy is progressing with its ‘reorganisation of gambling’, as the Customs and Monopolies Agency (ADM) enters the final stages of implementing a new framework for online gambling concessions. Last Friday, the ADM submitted the documentation for this framework to the Treasury. The Treasury and the Council of State will provide binding opinions on these proposals.

Once approved, this framework will become part of the ‘Reorganisation of Gambling’ decree, overhauling Italy’s online and land-based gambling laws. The Ministry of Made in Italy (formerly the Ministry of Enterprise) will then send the technical rules to the European Commission for evaluation, initiating a three-month ‘standstill period’ before adoption in Italy.

New Licensing Framework and Fee Structure

The Ministry of the Economy and Finance (MEF) has endorsed a new licensing framework, which introduces a €7 million fee for nine-year online gambling concessions. This fee significantly increased from the €200,000 for concessions granted in 2018. MEF considers this increase appropriate for a market dominated by major gambling companies like SNAI (Playtech), Flutter Entertainment, Lottomatica, and Entain.

ADM has revised concession terms to ban skin gambling websites, limiting operators to one brand per license. As reported by Agipronews, each permit is now restricted to “one concessionaire, one website.” Additionally, ADM mandates that operators “activate an app for each type of product category: betting, casino, poker, and bingo.”

Stricter Regulations and Enhanced Controls

New concessions will be subject to stricter scrutiny regarding IT security and game integration between operators and suppliers. Once the decree is in effect, licensees must ensure that their games and IT systems are verified by an external certification body. ADM will also implement enhanced controls to monitor player funds and their management by licensees.

As ADM advances towards final procedures, it plans to establish a D-day for launching the new licensing regime. Antonio Giuliani, Head of ADM’s online office, stated, “The Agency will set a D-day for the current operators to start collecting bets with the new regime.”

Giuliani added, “Other operators will have up to six months to launch their systems, as required by law. We will ensure equal conditions for current licensees and new operators who obtain the licence.”

Anticipated Impact and Future Prospects

If the new framework launches in 2024, ADM will achieve a key objective of the Reorganisation of Gambling decree: resolving long-standing legal disputes over Italian gambling concessions granted since 2011. This Reorganisation Decree represents the first regulatory evaluation of Italian gambling since the authorization of online gambling in 2011. The decree aims to protect players, especially minors, combat criminal activities, and increase tax revenue for government projects and social initiatives.

The implementation of this new framework is expected to significantly change the Italian gambling landscape, ensuring a more regulated and secure environment for both operators and players.

Source: Italy begins final procedures to settle new licensing regime, CasinoBeats, July 9, 2024.

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Recent data reveals a seat for the prestigious race now costs 60% less than last year. Most agree that the current pricing aligns with market demand, sending a clear message to the organizers that their targeted prices are unsustainable. The Grand Prix has taken substantial measures to stoke excitement, utilizing the famous Las Vegas Sphere, but their efforts failed to stabilize prices.

Current Pricing Seems Increasingly Unsustainable

According to TickPick, Saturday night’s main event prices have dropped by 23% since last week. The cheapest grandstand ticket is currently priced at approximately $800, marking a 50% decrease from last month’s cost of $1,645 and a substantial 60% drop from last year’s initial low price of $2,000. The event should gather approximately 105,000 visitors.

Experts attribute the lack of demand to various factors, including the exorbitant pricing of the tickets, making this F1 event the most expensive in history. The anticipated dominance of Max Verstappen and Red Bull, reigning champions of the 2023 World Championship, also contributes to the reduced interest in the Las Vegas Grand Prix.

More reasons behind the declining demand could be the cooler weather and the declining popularity of Netflix’s long-running “Drive to Survive” F1 documentary series. TickPick CEO Brett Goldberg hinted that F1 could reduce future prices from this year’s record highs to better align with fan sentiment and purchasing ability. Despite the sharp drop, the Grand Prix maintains its extensive marketing campaign.

F1 Spared No Expense for Maximum Spectacle

Iconic Vegas venue, the Sphere, will play a pivotal role during this week’s race, showcasing cards featuring all 20 drivers and their cars in a larger-than-life form, keeping track of pole positions, and transforming into selfie backdrops resembling the drivers’ helmets. Some lucky fans may also see their faces displayed on the iconic piece of architecture.

Since its activation on 4 July, the Sphere has elevated the Las Vegas Strip Circuit experience, providing a captivating visual spectacle for attending fans and global TV viewers. Despite the ongoing change in management, the venue remains fully operational and is ready to elevate the fast-approaching Grand Prix. 

We are ready to showcase Sphere to our global audience via F1, demonstrating the unparalleled technological and creative capabilities of the Exosphere.

Joel Fisher, MSG Entertainment VP of marquee events and operations

As the F1 Grand Prix launches at 10 p.m. on Saturday, the Sphere will undoubtedly provide a fantastic backdrop to the race. However, it also highlights F1’s unsustainable pricing model as each new Grand Prix becomes progressively more expensive. Scaling down prices to align with public demand now seems inevitable, and next year’s event may cut down on the glamour to reduce costs.

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