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Italy Looking to Tap Into Online Gambling to Help Solve Debt Crisis

9 August 2011 by admin

Debt crisis seems to be the news du jour the last couple of weeks. First Greece, then Italy and Spain, and then the United States. Different approaches are being discussed and new laws being passed. But two of those countries are looking to online gambling for some relief from their money woes. Those two countries are Italy and Greece.

We have already been reporting about Greece’s endeavors to use online gambling to raise some money. But now we are going to take a look at Italy.

Turning in part to real money online casinos seems to be one way Italy is going to use to bring in some revenue to help pay down their debt. The Italian national debt, when taking into each country’s relative size, is twice as much as the US national debt. Italy is in some trouble and has already passed an emergency austerity budget this past July. Part of that emergency austerity budget was a provision that will allow up to two hundred online casinos to obtain licenses and operate in Italy.

Gambling is fast becoming a popular form of entertainment in Italy. Last year alone saw an increase in gambling of 12.9%. The increase is expected to be a double digit expansion for this year. Clearly gambling is worth scrutiny in terms of finding a source of revenue. Already online casino operators are applying for licenses to offer Italians their online casino game lineups. One of the first big names in European online casino operations, 888 Holdings, has already received their operation license and it gearing up to open their Italian offerings.

Italy is not the first country with financial woes to look to online casinos as a potential source of revenue. Greece is in the process of selling portions of its gambling monopoly OPAP and is working on an expansion into online gambling. Spain has already opened up to online gambling earlier this year. It remains yet to be seen if the US will consider online casinos as a possible source of revenue.

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