Italy’s regulated online gambling market is entering a new phase under a revised concession regime that has sharply reduced the number of licensed domains and introduced tighter compliance requirements for operators.
Speaking with Yogonet during SBC Summit, Fabio Angeli Bufalini, Country Director at Stake Italy, discussed how the new framework is reshaping competition, the challenge posed by unlicensed operators, and why enforcement needs to go beyond simply blocking domains.
Bufalini also addressed Stake’s long-term approach to the Italian market, the limitations created by the country’s advertising restrictions, and the importance of giving consumers a clearer distinction between regulated and unregulated gambling offers.
Italy is entering a new phase for its regulated gaming market. What are the biggest regulatory changes you are seeing, and how are they affecting operators such as Stake?
Italy is going through a major reform. The online tender was completed last year, and we moved from around 300 domains to only 52 domains operated by 46 companies. That is a significant change.
It is important for the authority because it now knows exactly who the licensed operators are, and it is also important for citizens because it should make licensed operators easier to recognize. The new framework has been in effect since November 2025, and we are now seeing it change the market proposition.
There are also stricter compliance requirements, including self-limits, deposit limits, and player limits, particularly at the registration stage. Some of these measures will come into force in November, so we still need to see how they will affect the market.
If you ask me whether these restrictions could widen the gap between regulated and unregulated operators, I would probably say yes. Licensed operators cannot advertise or promote themselves in the same way. We cannot talk about bonuses or promote ourselves directly, while unregulated operators can do almost whatever they want and are very visible on social media.
That is something consumers need to understand, and it is also why licensed operators need to be protected for the investments they have made. For Stake, that investment is not only the €7 million license fee. There are also procedures, compliance costs, and mandatory annual investments. Responsible gaming advertising, for example, requires investment equivalent to 0.2% of our revenue.
These obligations are part of operating as a regulated company, and that is fine. We want to be here as a regulated operator and be part of a higher-level industry. But at the same time, licensed operators need proper protection.
The structural reform itself does not bring players. The product brings players. These regulatory requirements should not only be seen as constraints. They can also become selling points, but that has to be supported by the authority.
With this changing landscape and competition from unregulated operators, what will differentiate the licensed operators that succeed?
This is the fifth company I have brought into Italy. In the past, things were easier because advertising was allowed. Now we have an advertising ban, strong competition, major Italian brands, and large international operators that have been in the market for many years. So I have to be frank. It is difficult.
At Stake, we have changed our strategy and are looking to enter more regulated markets globally. We have expanded in Latin America into several countries, while in Europe we are operating in markets such as Denmark and Italy.
Our goal is to be recognized as a genuine regulated operator. Italy is also a market where you have to be. It is one of the largest markets in the world and the second largest in Europe. We do not see this as a quick journey to gain market share. We see it as a medium- to long-term journey.
The market will increasingly favor companies that are properly structured and prepared to operate for the long term. It is not easy, but we believe we have the possibility to succeed over that period.
How important are regulatory stability and a strong relationship with the national regulator when planning for the long term?
Italy is very clear from a regulatory point of view. Just to give you the picture, the entire gaming business in Italy is worth around €21 billion, while the online business is around €6 billion. The industry pays around €11 billion in taxes to the government.
This is not an industry the country can simply ignore. The market has existed in Italy for more than 20 years, and I see the regulatory framework continuing to improve.
But the authorities also need to protect licensed operators. If companies make significant investments in the regulated market but feel they are not adequately protected, that can become a problem.
Responsible gaming advertising is a good example. Under the tender, operators need to invest 0.2% of their revenue, up to €1 million, in responsible gaming advertising. That advertising cannot simply say, “Play with Stake” or promote a bonus. It has to focus on responsible gaming.
My personal view is that this type of initiative could be coordinated by the regulator or the authority. Why not combine the money being invested across the industry, which could amount to around €8 million, and create a common campaign led by the relevant ministry or authority?
That could help explain to citizens that the regulated industry is controlled, compliant and reliable, and that there are protections in place that do not exist in the unregulated market. The regulated offer should be the place where players want to play because it is reliable. But consumers first need to clearly understand the difference.
What more should authorities do to tackle unregulated operators?
Domain blocking is correct, but it needs to be more dynamic. Right now, a domain can be blocked, and another one can appear shortly afterward. Authorities need to identify related domains and act quickly.
But the bigger point is to follow the money, not only the domain. There should be stronger action around payments to unregulated operators. Other markets, such as Germany and Norway, have taken measures in this area. Italy also introduced a decree in 2019 that has never really been applied.
I understand that this is not technically easy, but we need to get there. Social media is another area. Unregulated operators are very visible across platforms and apps. If there are only 52 legal domains, there should be a way to distinguish those operators and limit the visibility of illegal ones. That is another area where enforcement can improve.
Stake is already a major global brand. Where do you see the biggest opportunity to differentiate in Italy, particularly given the restrictions on advertising?
We are a big brand and very well known, particularly among younger people. We are a content-driven entertainment brand. That is part of our identity.
But in Italy, compared with markets such as Colombia where advertising is allowed, we are much more restricted. So we cannot simply replicate what Stake has done globally.
We need to find the right way to promote the brand within the rules. Some level of brand activity is necessary, but we need to approach it differently and find the right angle while remaining fully compliant.
What are your expectations for the remainder of the year and for Stake’s next phase in Italy?
We are in a very particular moment because the final part of the reform is expected to be implemented on November 15. We are currently recertifying our providers under the new rules so they are ready when those measures come into force.
There are still some questions in the market, so it is not certain whether the deadline will remain as planned or whether there will be some form of postponement. For Stake, we only really launched the operation in December last year, so we have been in the market for less than one year.
Officially, we have reached around 0.3% market share. We are still small, but I think that is a good result considering how recently we launched. We have started increasing our activity, particularly in digital and affiliate channels.
We still have work to do on the brand proposition, and there will be some significant changes there. But, as I said before, this takes time. We know the direction we want to take, and we understand very clearly what is possible and what is not in the Italian market.