the sports betting market | Italy

1.1 Definition and scope of study

A sports bet is a wagering game in which you must correctly predict the outcome of a sporting event, such as a soccer match or a tennis match. On their platforms, the best online betting firms offer sports bets. Each result will be connected with odds that reflect the change in probability based on the probability of an event occurring. We normally rely on some variables in soccer that indicate the athlete's/team’s chances of succeeding in doing the given action; this is why, for example, a team considered favored by the forecast would have lower odds than a team not considered favored by the prediction. There are several sorts of bets available, including the combined bet, which allows the player to select and enter up to 12 events in the game with a single wager amount, and the multiple bet, which allows the player to make numerous predictions on the same event. You play a system if you make at least three predictions on the bet slip. The key difference between the method and the multiple bets is that under the system, not all predictions must be true in order to win. Sports Bets can be made online or in specialized store. 

From 2021 to 2028, the worldwide sports betting market is predicted to increase at a CAGR of 10.1%, from USD 66.98 billion in 2020 to USD 66.98 billion in 2028.

Italians are true sports betting fans: spending on online sports betting increased by 37.5% in 2020 compared to the previous year, totaling 997.7 million euros. The majority of bets are now placed online, and internet betting in Italy is well-organized and responsive to customer needs. To bet in Italy, you can either go to authorized centers such as bars or places that are also predisposed for betting, or to places specialized only in sports betting. Because of its lax attitude toward betting, Italy boasts a plethora of online betting services. To comply with tax authorities in Italy, online betting firms must obtain a license from the Customs and Monopoly Agency, which requires a payment of €200,000 and a 24% tax on the operator's gross gaming earnings. The license is valid for a period of nine years. The Italian government, on the other hand, has indicated that the country's gambling regulations would be changed in 2023.

The most recent sports betting news concerns e-Sports, which are professional video game events. These are tournaments, such as football simulations, where the competition levels are comparable to those of real football. The trend is constantly growing and will become very important in the next future.