Fast Offshore brings you the top news from Gambling, Fintech, and Crypto in February 2021.
Italy iGaming license to cost €7 million
Italy’s government is significantly overhauling its gambling industry. It introduced the “Reorganisation of Gambling” initiative to implement updated legislation for casinos and betting platforms. While some changes, such as improved bonus calculations and mechanisms to address odds errors, have been welcomed, the announcement of a substantial increase in licensing fees has raised concern among iGaming operators. The cost of obtaining AAMS certification will now soar to €7 million, the highest fee in the European Union.
The fees have increased in response to the rapid growth of the Italian gambling market over the past decade. Previously set at €200,000, the new fees are part of broader reforms. All licenses will expire by the end of 2024, requiring operators to pay significantly higher costs to continue legally operating within the country.
The new law, however, only applies to operators with AAMS certification, leaving foreign online casinos unaffected.
Along with the price hike, the new regulations include a 3% annual tax on GGR and a 0.2% revenue allocation for promoting responsible gambling. Strict restrictions on the number of licenses any operator can hold, and rigorous suitability checks aim to ensure fairness and better consumer conditions. While experts argue the rise in licensing fees will weed out unreliable operators, there are concerns about a shrinking market and the increase in illegal gambling. Despite these challenges, the legislation, approved by Italy’s Ministry of Finance, is set to take effect in 2025.
France Delays Legalization of Online Casinos Amid Industry Pushback
The French government has shelved plans to legalise online casinos following significant opposition from the country’s physical casino industry and gambling addiction advocates. France and Cyprus are the only European Union nations that prohibit online casinos. Despite the ban, approximately three million French residents engaged in offshore online gambling in 2023, according to the Autorité Nationale des Jeux (ANJ).
Legalising online casinos could generate an estimated €1 billion annually in tax revenue and improve gambling oversight, including tools to assist individuals at risk of addiction. However, Casinos de France, representing 200 physical casinos, warns that legalisation could cut revenues by up to 30%, potentially closing a third of the establishments and eliminating 15,000 jobs.
The organisation has lobbied for restricting online gambling licenses to operators of physical casinos, which generated €2.7 billion of the €13.4 billion in pre-tax gambling profits in 2023.
While the state-regulated Pari Mutuel Urbain (PMU) and the French Loto offer online services, broader online casino legalisation faces resistance due to concerns over economic and social repercussions. The government has postponed its plans, opting for further consultations with stakeholders before proceeding.
Thailand to Begin Discussions on Legalising Online Gambling
Deputy Prime Minister Prasert Jantararuangtong says Thailand is set to begin discussing the potential legalisation of online gambling. In a statement he revealed that an official study into the proposal is expected to conclude in the next couple of months.
This move follows former Prime Minister Thaksin Shinawatra’s suggestion that regulating online gambling could benefit the economy and reduce underground activity.
Currently, Thailand prohibits most forms of gambling, with exceptions for horse racing and the government-sponsored lottery. While there were past efforts to legalise gambling, they faced public opposition, leading to rejections by the government.
The Thai government is also considering a bill allowing casinos to operate within large-scale entertainment complexes. If approved, the bill would authorise the issuance of up to five licenses, including for venues in Bangkok, Pattaya, Chiang Mai, and Phuket.
Gambling and Crypto Sponsorships Dominate Premier League Deals
The Premier League’s 2024/25 season highlights the continued dominance of gambling and cryptocurrency sponsorships, with 11 out of 20 clubs featuring betting companies as their main shirt sponsors. Gambling brands collectively contribute $179 million to sponsorship revenues, making them the league’s second-largest sponsor sector after clothing. Notable partners include Stake.com, Hollywoodbets, and Betano.
Smaller clubs, in particular, rely heavily on these lucrative partnerships. Meanwhile, crypto sponsorships are also on the rise, with Nottingham Forest collaborating with Kaiyun Sports and other teams exploring blockchain-backed sponsors. Despite their financial benefits, such deals face criticism over ethical concerns and market volatility.
With a record $1.68 billion in sponsorship revenue for the season, the Premier League remains a financial powerhouse. However, changes are ahead: front-of-shirt gambling sponsorships will be phased out by 2026/27, reshaping the sponsorship landscape. Clubs may turn to sectors like financial services and technology to fill the gap.
Polymarket Faces Scrutiny Amid Rising Global Gambling Concerns
Polymarket, a peer-to-peer prediction platform using cryptocurrency for betting on political, sports, and economic events, has seen a massive surge in trading activity, with $515 million in volume reported in early 2025. However, the platform is now under intense scrutiny from authorities, particularly in Thailand, where the Cyber Crime Investigation Bureau (CCIB) is considering shutting it down for violating local gambling laws.
With the use of blockchain, Polymarket’s betting activities are difficult to monitor and regulate, raising concerns about illegal gambling and potential criminal activity. Other countries like Singapore, Taiwan, and France have also taken steps to limit or ban Polymarket’s operations.
Despite this, Polymarket remains operational in some regions and continues to attract users, as seen by its high trading volumes. Meanwhile, Thailand’s growing cryptocurrency market is pushing for more regulation, including potential local listings for Bitcoin ETFs.
Digital Payment Gateway Market Poised for Growth, Reaching $205.9 Billion by 2030
The global digital payment gateway market is forecast to surge to $205.9 billion by 2030, up from $106.2 billion in 2024, reflecting a growth rate of 11.5% annually. This growth is driven by the rise in e-commerce and increased adoption of mobile payments. The market benefits from the widespread use of smartphones, internet access, and consumer demand for seamless, secure transactions.
The growth of contactless payments is a key trend, accelerated by the pandemic, making transactions faster and safer. In addition, artificial intelligence is enhancing security, fraud detection, and user experience in payment systems. AI-driven technologies enable real-time risk assessment and anomaly detection, giving providers a competitive edge.
The rise of digital wallets and cryptocurrencies further strengthens the market. Payment gateways are increasingly integrating these options to meet growing demand. North America leads the charge in digital payment solutions due to its highly developed e-commerce ecosystem, innovative fintech landscape, and strong regulatory support. Major players like PayPal, Stripe, and Klarna are well-positioned to dominate as this market continues its upward trajectory.
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