Finance

Italian betting revenue holds up after World Cup

euro coin with national flag of italy

Sports betting revenue in Italy reached €111.4 million in August, a rise of 34.4% on the previous year and down only slightly from July’s impressive figure of €114.3 million.

The 2018 FIFA World Cup, held in Russia during June and July had the effect of boosting sports betting revenues in most markets around the world, and Italy’s revenue take was strong during July. But it seems that the World Cup effect has been longer-lasting than might have been expected, as August’s revenue came close to matching the money earned during July.

Online gambling

The Italian online gambling sector accounted for €50 million of revenue in July, which was a rise of 27.8 per cent on the same month in 2017 and which can be attributed largely to the effect of the World Cup, which attracted millions of sports bettors. The biggest beneficiary of the spike in sports betting was Bet365, which managed a 17.1% increase on the previous year’s figure, and they were closely followed by SK365 with a 14.9% increase and Snaitech, whose revenue was up 10.5%.

Other sectors of the Italian gambling industry are also performing strongly. Last month, virtual betting resulted in revenue of €20.5 million, most of which was supported by retail outlets. For the year to date, the total revenue take for virtual betting is €170 million, and €157.5 million of that from retail.

Italian online casinos also saw an increase with a rise in revenue of 26% on last August, to a figure of €56.5 million. The Stars Group’s PokerStars led the way with a rise of 9.7% in year on year revenue. But the news for poker was less impressive. There was a decrease in online poker cash games revenue of 6.9% to €4.8 million, while tournament fees also dropped by 5.9%. PokerStars again topped the list in terms of cash game revenue, with a 42.1% share, and they also continued to dominate tournament fee revenue, accounting for 64.8% of the market total.

Image From Shutterstock

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

The Latest

To Top