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Bets on virtual events are subject to improved rules as part of a gaming decree now in place after the review by the European Commission.
Bets on virtual events: an Italian success story
The launch of bets on virtual events in Italy has been a very successful story so far with these games becoming extremely popular especially in betting shops. Such growth is part of a general trend in the Italian sportsbetting market. The full liberalisation of the Italian sportsbetting market indeed led to a turnover of the first 6 months of 2016 of over € 3.5 billion, of which € 1.9 were spent online.
The success story of bets on virtual events in Italy was due to a favourable tax regime of 20% of the GGR, which up until last year was even lower than the one applicable to sportsbetting, and by the fact that players can bet more frequently than in the case of “ordinary” bets. However, some regulatory restrictions prevented up until now the full exploitation of the potentials of such game.
The changes that were already in place
The Italian gaming regulator had already tried to make the game more attractive increasing with effect from 1 March 2016 the number of maximum events that can be offered on a daily basis from 500 to 2,000. Also, the offering had been extended to the time window from 7 am to 3 am.
The new changes to bets on virtual events rules
As part of a decree notified to the European Commission and now approved by the Italian gaming regulator, a revolution of the sector is expected to occur. The most relevant changes now introduced include the following:
- Multi-event – it is possible to run up to 10 different events of the same sport at the same time allowing players to place bets on their aggregated results. On the contrary, no restriction is provided to the offering of events on “unlinked” events;
- Tournaments – single elimination tournaments made of 3, 7 or 15 virtual events are allowed;
- System bets – bets can be placed on up to 10 different events of the same sport as part of the same ticket wagering on up to 100 different outcomes and with possible “corrections“;
- Extended number of daily events – a maximum number of 3,000 virtual events to be run on a daily basis are provided, but it is also provided that the regulator can extend such number; and
- Full liberalization of events/bets – as already occurred with reference to non-virtual sportsbetting, a full liberalisation of the types of events on which bets can be placed is provided. Likewise, no restriction applies in relation to the types of fixed odds allowed. On the contrary, there are still restrictions as to the placing of bets on numbering games, skill games, card games and slot games though.
A further liberalisation is expected to take place with the introduction of also totalizator bets. Also, a further boost might occur with the launch of live bets.
