Italy’s iGaming revenue drops with lockdown easing

Italy’s iGaming revenue drops with lockdown easing 850 500 Gambling Consulting Expert

Italy’s online casinos saw a spike in online gaming during the height of the COVID pandemic but as lockdown eased, revenue growth for iGaming companies declined

The month of July showed the weakest figures in revenue since February. August saw just a 2% increase from the relatively low number in July. The year on year increase for the online casino vertical is still extremely high with 41.4%.

As betting technology provider Newgioco has warned early in March, that the nationwide lockdown in Italy, implemented by the government in an effort to slow the spread of Covid-19, will have a negative impact on sports betting handle and revenues.

“We are closely monitoring the active circumstances and the impact of Covid-19 on our product demand and business,” Newgioco chairman and chief executive Michele Ciavarella said. “Our priority is protecting employees, supporting our customers, and providing timely information to our investors and stockholders.

“Along with our management teams in Italy and Austria, we remain in close contact with local and national health authorities and have implemented notification and prevention procedures at our administrative offices and physical locations.”

Italy to Hike Tax on iGaming Industry – European Gaming Industry NewsThe poker vertical also recorded marginal growth in cash game revenue and tournament rake and fees but has also fallen far below the highs recorded in April, at the height of lockdown where gaming revenues were almost 4 times higher.

PokerStars remained the market leader in the vertical but its market share declined from 13.0% in July to 12.4%. Sisal came in second with 8.2%, and Lottomatica 3rd with 7.8%.

Sports betting totals in August dropped significantly from July’s and the biggest month-on-month decline in revenue was down 27.2%. This drop came despite the month seeing the conclusion of the Serie A season, and the final stages of the Europa and Champions League – with Internazionale making it to the Europa League final.

Across the online and retail channels, Snaitech led the way, accounting for 16.5% of all revenue, ahead of second-placed Goldbet – the retail market leader – on 14.2%. Eurobet Italia followed in third on 13.1%.