Stake.com to buy Idealbet.it.
The deal will expand Stake.com’s European portfolio.
Stake.com has confirmed that it will buy Baldo Line SRL, operator of the Italian sportsbook Idealbet.it, from Octavian Group. The move will see the operator expand its European profile by acquiring an Italian licence.
Baldo Line has operated Idealbet.it since 2012 and has offices in the province of Veneto. Stake.com said its acquisition would see it open an office in Italy to expand its team. While it’s been confirmed that Idealbet will continue to operate under its own brand within the Stake.com portfolio, it’s not yet clear if Stake.com also intends to launch its main brand in Italy.
Simone Pachera, chief executive officer at Octavian, said: “We’re excited to collaborate with Stake.com and usher in a new experience for our customers, further expanding the market in Italy. Since acquiring Baldo Line, we have built a strong foundation for Idealbet through our AGP gaming platform and HubCasino aggregator.
“Now, we are thrilled to transition operations to Stake.com, a globally renowned brand with a proven track record of delivering exceptional player experience. We are confident that Stake will significantly enhance the growth of Idealbet and bring renewed energy to our players, as well as the entire Italian online gaming market.”
New regime for online gambling in Italy
The Italian government is in the process of reforming the country’s gambling market. Last month, the Customs and Monopolies Agency, ADM, which regulates gambling in Italy, submitted documentation outlining the rules for new online gambling concessions. The documentation was submitted to the Treasury following the publication of the framework in the parliamentary gazette in April.
The licence fee is 35 times that of the €200,000 fee introduced in 2018, and operators will also pay 3 per cent of annual gross gaming revenue (GGR) after taxes. The Ministry of Finance argued that the hike was justified because market dynamics have changed due to the domination of a limited number of large operators, specifically SNAI, Lottomatica (after acquiring SKS365), Flutter and Entain.
