The market
Italy is one of the largest gambling markets in Europe, with total gross gaming revenue of EUR 21.577bn in 2024, up 4.38%, of which EUR 5bn came from online channels and online casino alone was about EUR 2.8bn. The online market was reformed in 2025: ADM overhauled the concession regime under Legislative Decree No 41/2024, replacing dozens of expiring concessions with a smaller, more regulated pool.
In the 2025 tender, 52 concessions were awarded to 46 operators, down sharply from 93 applications, for nine years starting 13 November 2025. The EUR 7m one-time fee, payable in two instalments of EUR 4m on award and EUR 3m on launch, drove smaller operators to exit or merge, consolidating the market into larger groups. The round is now closed, and new operators cannot apply until a future tender.
The player base is large and mature, spread across casino, betting, poker and bingo, and served by a consolidated set of well-capitalised licensees.
Regulation and licensing
ADM licenses under Decree 41/2024. A single online concession covers all remote games: casino, slots, poker, bingo and sports betting, for nine years. The cost is high by design: EUR 7m per concession plus a 3% annual fee on net gaming margin, with a provisional guarantee of EUR 750,000 to join the tender and a final guarantee reported around EUR 3.7m. Applicants must be EEA-incorporated, hold a valid licence, show total revenues over EUR 3m across the past two fiscal years and can hold up to five concessions. Operations must begin within six months of award.
Because the tender is closed, the only routes in now are the next tender, whenever announced, or acquiring a concession-holder. The nine-year term offers real regulatory stability in exchange for the high entry cost.
Marketing and player rules
Italy has banned general gambling advertising and sports sponsorship since 2019 under the Dignity Decree, enforced by AGCOM, with only factual bonus information permitted. This removes most acquisition channels and favours incumbents with established brands. Player-protection and self-exclusion controls apply under ADM rules, and the 2024 reform increases them. Affiliate exposure is constrained by the advertising ban, so operators must supervise affiliates tightly.
What this means for your plan
I read Italy as a buy-or-wait market. The economics of a nine-year concession are attractive if you have scale, but the round is closed and the EUR 7m fee plus the advertising ban mean entry now is only through acquiring a licensee, at a price that must clear the 24.5% to 25.5% tax and the 3% fee. If you have the capital and a long horizon, start scouting acquisition targets and prepare for the next tender. If you are a smaller operator, the fee alone rules you out. First move: decide whether you can fund a EUR 7m-scale commitment, because nothing smaller works here.
Sources
- Chambers, Gaming Law 2025 Italy, checked 4 September 2026
- SBC News, Italy new online gambling regime, checked 4 September 2026
- Vixio, Italy opens new licensing process for online gambling, checked 4 September 2026