More confusing exchange legislation, this time in Italy
News last week that legislation has been tabled in Italy to legalise the use of Betfair from an exchange perspective. But the legislation looks horrible.
For about two years Betfair have not been accepting new registrations from Italian customers, so an update on legislation has been long awaited. From what I can make out at the moment the Italian exchange will only be open to Italian residents betting on a very restricted range of markets. For example there would be no UK horse racing. It also looks like there will be other restrictions in place as well, it’s all a bit sketchy to be honest. It seems that all bets will have to be routed via the state monopoly somehow and there will be increased commission and a limit on the amount you can win. Hardly an free and fluid exchange proposition it seems?
I’ve seen proposed legislation from other territories and they all seem to be following a similar pattern. Grant access to our markets, as long as they favour state interests, state monopolies and are generally unworkable. Goods and people are free to move in Europe, but it seems the state wants a big saying on where you place your bets. Annoying, totally against a free trade zone and not very encouraging it would appear!
Category: Industry news
