News Business Efbet joins Italian betting market

Efbet joins Italian betting market

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Casino and sports betting company Efbet has joined the Italian betting market.

The company has been awarded a licence to offer betting services to Italian residents by the country’s gambling law body, the Amministrazione Autonoma dei Monopoli di Stato (AAMS).

It is the latest move by the Bulgarian company as it seeks to expand into wider European markets. This year, Efbet have gained operating licences for Spain, Serbia and Romania. However, the entry into the Italian market is interesting and reflects company confidence.

The Italian market is currently undergoing significant upheaval. There has been a rise in taxes on sports betting, and a complete gambling ad ban, which came into effect in July. The newly formed Italian government has also brought in new plans to tighten up payment processing.

But according to reports, Efbet is confident that they can make headway in the Italian market.

The company now has nine months to meet the technical rules laid out by the AAMS, but according to co-founder, Boyan Naydenov, they are aiming to be live by the end of March 2020:

“We are excited about the opportunity to enter the Italian market; which audience is widely regarded as one of the most passionate about sports and gaming.”

Naydenov created the company with his brother Tzvetomir and father Stefan in 2007. The firm has grown significantly in recent years and has generally taken a localised approach to offering sports betting and casino gambling products.

Efbet have also said that they support the most recent laws brought forward by the Italian government. These laws make it illegal for any financial company to process payments involving unlicensed gambling operators. According to Efbet, this will make it easier for their business model to succeed in what is currently a tough market for operators.

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