Reports ITALY REPORT
Imperious ITALY
Italy is Europe’s second largest
regulated gambling market, after the UK. The amount of money spent by Italians on gambling has risen tenfold from €10bn back in 1999 to almost €110bn last year. The significant
revenue hike is down to rapid market growth and the sheer volume of machines and venues in the country. With such a prolific gambling market, Italy is also renowned for its regulatory changes to help keep a lid on illegal gambling and market saturation.
Italy is slowly recovering after the adversity of the last two years. Te Italian economy saw a strong rebound in 2021 of 6.5 per cent which is expected to continue into 2022 and 2023 with a growth rate of 4.4 per cent and 2.6 per cent respectively. Te recovery is partly due to a supportive fiscal policy and EU recovery funding after the country took a severe hit within its tourism and manufacturing sectors during Covid.
Italy had a disastrous tourism season last year with only 60 million visitors compared to more than 95 million in 2019 when figures reached an all-time high. 2020 had already been a tough year with just 38.4 million tourists. Generally, tourism is responsible for nearly 13 per cent of Italy’s GDP.
P80 NEWSWIRE / INTERACTIVE / MARKET DATA
Foreign travelling expenditure in 2020 fell by around 60 per cent (€17.3bn) compared to 2019 (€44.3bn) with tourism receipts responsible for just one per cent of GDP compared to 2.5 per cent prior to Covid.
Te majority of visitors to Italy come from Germany, France, UK, Austria, and Switzerland. Covid travel restrictions were still in place until the end of March this year whilst the country’s Green Pass (an EU Covid digital certificate) restrictions began a gradual phased out approach earlier this year with the hope that most restrictions would be lifted by the summer season.
In October last year the Italian Council of
Ministers agreed to allocate almost €191.5bn in funds through the Recovery and Resilience facility to help aid various services including the struggling tourism sector.
Te Recovery and Resilience Plan (NRRP) is the largest national plan under the unprecedented EU response to the Covid crisis. Italy is using its entire national allocation of €191.5bn made up of grants and loans, whilst the country has also earmarked national resources worth €30.6bn to aid a vast programme of reforms and investments to boost the recovery of the Italian economy.
Alongside investment into health care, education and labour market policies, the justice system
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