Betting Industry Leaders Bewildered By New Tax In Italy

Italian betting industry leaders are absolutely bewildered by the possibility of having a new tax imposed in Italy. They have criticised the parliamentary discussions for slapping a new 0.75% tax on betting and virtual sports revenues for garnering funds for ‘distressed Italian sports.’

The Italian Parliament has started discussions on a proposed ‘Revival Decree’, which is intended to help business and society’s recovery from COVID-19’s long-term consequences. Some of the members of the parliament talked about a possible implementation of a 0.75% tax on all betting-related wagers – online, retail and virtual sports content.

The discussion caused an outraged from the Italian gambling trade bodies who criticised the proposal, alleging that COVID-19 discussions had been hijacked to further punish the industry.

Retail trade bodies Acadi (gaming machines) and Sistema Gioco (betting shops) released a joint statement calling for the Parliament to immediately drop any talks on “hypothetical taxes at a time when Italian gambling is living in anguish”. Both organisations have suggested that their members are “in bewilderment that the government would pursue a 0.75% sports wagering tax, that would increase the overall tax burden on Italian betting’s commercial chain to over 30%.”

Writing to Parliament, President Moreno Marasco of LOGiCO stated that licenced online incumbents should not “digest an umpteenth tax that harasses legal firms to operate in a market that has doubled its tax demand to + 40%.”

He warned that “The threat of a wagering tax represents the extinction of the legal circuit with the consequence of lost guarantees and protections, leading to the “flight” of international operators. A real gift to the underworld that will continue to thrive in this sector.”

[image: Rough Guides]

Bitcoin (BTC) $ 19,257.00 4.89%
Ethereum (ETH) $ 608.92 2.09%
XRP (XRP) $ 0.674517 23.86%
Tether (USDT) $ 0.997332 0.07%
Bitcoin Cash (BCH) $ 347.23 10.36%
Chainlink (LINK) $ 15.65 5.10%
Litecoin (LTC) $ 90.28 3.19%
Polkadot (DOT) $ 5.77 0.79%
Cardano (ADA) $ 0.169293 11.90%
Binance Coin (BNB) $ 33.28 9.85%
S&P 500  ^GSPC 
$3,633.16  $55.57  (1.55%)
Dow Jones Industrial Average  ^DJI 
$30,076.04  $484.77  (1.64%)
NASDAQ Composite  ^IXIC 
$12,018.50  $137.86  (1.16%)
Russell 2000  ^RUT 
$1,856.64  $38.34  (2.11%)
Crude Oil Jan 21  F*CL.NYM 
$44.97  $1.91  (4.44%)
$0.0000  $0.0000  (0.00%)