Stake finalized the acquisition of Baldo Line SRL, Idealbet.it’s operating firm, and paid the new €7 million ($7.39 million) licensing and concession fee to the Customs and Monopolies Agency.
Stake.com, one of the major iGaming businesses offering a diverse range of online casino and sports betting alternatives since its inception in 2017, is preparing for significant changes in 2025.
Specifically, the brand is preparing to strengthen its position in Italy’s reformed online gaming sector.
The corporation has already taken the first step toward its grandiose objective, acquiring Baldo Line SRL.
The latter is a well-known operator who runs the Italian sportsbook Idealbet.it.
Idealbet is Stake’s new flagship brand in Italy.
The strategic move, which aims to help Stake increase its influence in the newly regulated market, will see the brand gain ownership of Baldo Line’s online gaming license, which was previously administered by Octavian Group.
The transaction is ideally timed with a significant shift in the European country’s regulatory environment.
Starting next year, the Customs and Monopolies Agency (ADM) will charge a €7 million ($7.39 million) fee for renewing online gambling licenses. Before the new laws went into effect, businesses had to pay €200,000 ($219,120) for a permission.
The newly issued permits will last nine years. Stake has already paid the additional charge, according to AGIPRONews, signaling that it will concentrate on growing Idealbet as its flagship brand in Italy.
Stake’s aim for Idealbet extends beyond owning a well-known moniker.
The firm intends to revitalize the brand by merging its own technology platform, expanding the gaming possibilities, and launching a number of exclusive games that are unique to Stake.
See also:
UKGC’s Andrew Rhodes encourages increased due diligence on the black market
Flutter’s Betfair Wins High Court Problem Gambling Case.
BC.GAME launches exclusive airdrop for Polymarket users
Stake to Establish Local Office in Rome.
Easygo’s chief strategy officer (CSO), Brais Pena, described the company’s strategy for Italy, expressing enthusiasm for the disclosed intentions for the Italian market.
Easygo is the Australian powerhouse behind Stake and other rapidly developing internet firms, including Kick.
To demonstrate its commitment to the domestic market, Stake will open a local office in Rome, indicating a long-term investment in the region by increasing its workforce there.
This method is part of Stake’s global brand adaptation strategy, which aims to ensure compliance with local standards while also improving client experiences.
Delays and Challenges.
However, the road to launching in Italy has not been easy. The Malta Gambling Authority raised concerns about the rollout of Italy’s new online gambling framework, causing a series of delays.
The difficulties, however, were rectified, and the European Commission eventually approved Italy’s revamped gaming regime.
Now that the standstill period is over, the Italian government is ready to execute the new set of licensing rules.
In addition, the Ministry of Economy and Finance (MEF) has declared that current licenses would be extended for one year, up to December 31, 2024, in compliance with Italy’s budget.
Not afraid of competition.
Despite severe advertising regulations in Italy, which may provide obstacles for new entrants, Stake is confident in its ability to compete.
Addressing how the company intends to handle Italy’s new gaming landscape, Pena stated that their top aim was to “operate within Italy’s regulatory framework and provide the best possible experience for players.”
Pena went on to claim that by combining Idealbet’s “established presence” and expanding their team in Rome with “Stake’s exceptional player experience,” they will deliver a solution designed to attract to newcomers while also retaining existing players in a “very competitive” market.
Stake acquired Betfair Colombia a year ago, marking its foray into Latin America.
Join us on all our social channels and groups
Gameongazette is present on:
