iGaming Business – Online gambling company Betfair has launched what it claims is the first betting exchange product in the Italian gambling market. The launch comes after the conclusion of an extensive testing process with national regulator Agenzie delle Dogane e dei Monopoli (ADM) and information and communications technology administrator Società Generale d’Informatica (SOGEI).
Betfair said the Italian exchange would operate with “ring-fenced” national liquidity and taxed at a rate of 20% on commission. The new service will join Betfair’s current sportsbook, poker and casino products on the betfair.it website.
Breon Corcoran, chief executive officer of Betfair, said: “We are pleased to be the first fully regulated exchange operator in Italy and look forward to bringing the advantages of our innovative betting platform to Italian customers, including the ability to cash out their bets.
“We believe this launch marks an important step in our drive to grow sustainable revenues.”
