Industry News Roundup as Soft2Bet Expands into Italy

It has been a busy last few weeks in the world of gambling, as is usual this time of the year as many return from their annual vacations, with this having had a considerable effect on the industry.

As we approach the final quarter of the year, we take a look at some of the main happenings across the gambling sector and what effects this may have.

One of the biggest stories of late is software provider Soft2Bet’s expansion into the ever-burgeoning Italian market, considered by many industry experts to be the largest in Europe.

Over the last couple of years, the country has laid down a marker and made a major signal of intent to dominate across the continent and this has been made especially clear following Soft2Bet’s recent news.

This strategic move from the company is straight off the back of acquiring a Maltese asset that has an Italian license, which will grant it the opportunity to operate in the Italian market. 

The news has been greeted with particular enthusiasm by company executives who believe that many operators in the Italian market will benefit considerably from its services.

Drop in August sportsbook revenue for Pennsylvania 

The state of Pennsylvania, which is one of the biggest online gambling markets in the US has reported a 35 per cent drop in revenue (year-on-year) for the month of August, according to latest reports.

While this news may come as a bit of a surprise, there will be numerous factors affecting this. As opposed to last year, this August there will have been more people taking vacations, following more of a gradual recovery from the global pandemic, which means less will have placed bets.

It is also worth mentioning that the NFL season only started in September, which is when sports betting in the US really starts to pick up, so there is much confidence that the figures for the remainder of the year will be a lot more positive. 

As per the figures, it shows that sportsbooks in the state made $22 million last month - still a respectable amount, however, one of the reasons for this has also been put down to punters getting good results.

Swedish authorities proposing gambling tax hike

It has been revealed that Regeringskansliet - the Swedish gambling authority has proposed an increase in gambling taxes from July 2024.

As a result, if this bill is passed it will see taxes in the country for gambling companies raised to 22 per cent from 18 per cent.

There is also hope that channelisation can be achieved, with the Swedish government stating that this is a big factor behind the proposal.