Sportsbook software provider Altenar has welcomed reports that Italian sports betting operators will soon be allowed to offer cash out functionality to customers on a trial basis.
According to Italian news agency Agimeg, this cash out introduction will arrive alongside another positive regulatory reform for operators, enabling them to cancel the payout of winning single bets emanating from ‘clearly wrong odds’, and reduce the payout accordingly when such odds are included as part of successful multiple bets.
Once verified, this would be a dual boost for gambling operators still reeling from a turbulent close to 2018, in which the country’s new Lega-5Star coalition government confirmed the blanket advertising ban effective from 1 January 2019, and delivered a 2% gross gaming revenue (GGR) tax increase for both online sportsbook and retail betting services.
There has been no official date provided for the proposed cash out trial period, but it looks likely to come at a good time for Altenar, who expects to go live with its first regulated customer for the market from the middle of March.
Domenico Mazzola, Commercial Director at Altenar, said: “It is a big opportunity for us to enter a market where many region-specific sportsbook providers haven’t invested the resources to building cash out, simply because it wasn’t previously allowed.”
He added: “Conversely, Altenar is equipped to come in and offer the full international experience – complete with cash out – from day one. Therefore, those who choose to work with our software will be ready to compete at the forefront of the market.”