Stake.com has confirmed its acquisition of Baldo Line SRL, the operating company of Italian sportsbook Idealbet.it.
Announced this morning, Stake.com will expand its European profile by acquiring the Italian ADM license of Baldo Line.
A property of the Octavian Group, Baldo Line has operated the Idealbet.it sportsbook brand since 2012, abiding by the laws and market safeguards of the ADM, Italy’s Customs and Monopolies Agency.
The acquisition will see Stake.com establish “a local presence in Italy by opening an office in Italy to expand on its team of employees”, in which Baldo Line currently operates in the province of Veneto.
As it stands, “Idealbet will continue to operate under its own brand within the Stake.com portfolio.” Dealmakers did not disclose whether Stake.com would launch its flagship brand in Italy.
Italy is viewed as a dynamic online growth market with significant diversification opportunities following the acquisition, as detailed by Brais Pena, Chief Strategy Officer (CSO) of Easygo, the technology operator of Stake.com:
Pena noted: “This acquisition aligns with our strategic ambitions to increase our global footprint, particularly in an established region like Italy, and marks a significant milestone for Stake. We’re thrilled to work with Idealbet to provide the best experience for our customers.”
Stake.com enters the Italian market as the government proceeds with the Decree to Reorganise Gambling, the mandate to overhaul Italy’s online and land-based gambling laws.
Specific to online gambling, the government has undertaken its first review of laws, protections, and licensing criteria since the market was launched in 2011.
Currently under its final procedures, the Ministry of the Economy and Finance (MEF) has been authorized to launch a new licensing regime, pricing online gambling concessions at €7m for a nine-year operating period.
Of significance, the new license regime places a strict limit of “one brand per concession,” as MEF and ADM will prohibit the use of skin websites targeting Italian consumers.
Agreeing to the sale of Baldo Line, 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.”
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