According to Blask, quoting official statistics, the online gross gaming revenue for 2025 was at €4.76bn, which is an 8% increase from the previous year. Online casinos contributed the highest percentage to the total, which stood at over 64% of the market revenue.
However, the most significant event occurred on 13 November 2025, when the new concession regime in Italy came into effect. According to Blask’s tracking, the effect was immediate, as the number of active brands reduced from 180 in November to 99 in December. That was a decline of about 45% within a span of one month.
Growth Stayed, But the Market Got Narrower
Italy has been encouraging players to use licensed sites for many years. The tougher stance against illegal sites has ensured that the regulated market has fared well, leaving little room for international operators.
This trend has been developing in a country where the gaming policy is still a politically charged issue. Each new government has cited the issue of harm prevention, but still continues to benefit from the sector as a significant source of tax revenue.
What Changed with the New Concessions
Under the new regime, which came into effect in November 2025, Italy adopted a reduced pool of 52 licenses, each of which is valid for a single, non-renewable nine-year period. The cost also increased to €7m per license, which is much higher compared to the previous system (often cited at around €200k).
But perhaps even more significant, the reform closed down the old “skin” system. This means that organizations are no longer able to maintain multiple consumer brands under a single license simultaneously. Hence, there are fewer paths for smaller or “extra” brands to stay active, and the market naturally favors operators with more capital and larger brands.
Concentration is Reflected in Attention Metrics
By the end of 2025, the attention-based metrics by Blask reflected a relatively top-heavy market. The top 10 brands accounted for 72.6% of the total attention share, which indicated a quicker concentration of market shares than what is normally observed in short periods.
It has also been noted that some of the leading global brands chose not to reapply under the new economics.
What to Expect Next
Given the small licence pool, the likely growth will come within the 52-concession circle. Further housecleaning and M&A activity would not be surprising.
The questions are how well the regulators can extract the remaining grey routes for acquisitions, and whether changes in marketing restrictions will tip the scales once more.
