The partnership between S.S. Lazio and Polymarket reaches the Italian Parliament
The agreement between football club S.S. Lazio and US-based prediction market platform, Polymarket, is drawing criticism in Italy. The Italian Democratic Party (PD) has submitted a parliamentary question to the Ministry of Economy and Finance, raising concerns about the partnership.
The PD has called for a careful review of authorisations, supervision and, above all, the risks for consumers and minors.
Legal framework and financial concerns
What is the legal classification of platforms such as Polymarket in Italy? This is the question many have been asking since Polymarket became Lazio’s official sponsor. It is also one of the many issues that PD Deputy, Toni Ricciardi, raised. Following the controversy of recent days, several reports suggest that the company operating the US platform may act as an intermediary between users and prediction markets. However, Ricciardi wants to go further and understand whether the government intends to set limits and operating conditions to protect consumers.
Addressing the Minister of Economy and Finance, Giancarlo Giorgetti, directly, Ricciardi officially requested a detailed review, particularly of the regulatory framework applicable to prediction market platforms. Ricciardi noted that, although Polymarket presents itself as a crypto and blockchain-based predictive analysis tool, it “allows transactions that are economically comparable to forms of betting or investment on future events,” he said.
Ricciardi also examined the issue from a financial perspective. “The platform would allow,” the Democratic Party deputy said in his parliamentary question, “the trading of digital contracts whose value is linked to the occurrence of future events, with characteristics potentially comparable to derivative financial instruments or atypical financial products.” If this activity were aimed at the Italian public, it could fall under the investment services regulated by the Consolidated Law on Finance and therefore be subject to supervision by Consob, which is the authority overseeing the securities market and safeguarding investors in Italy.
Sport and gambling
Professional football in Italy is subject to restrictions on gambling-related advertising. Article 9 of Decree-Law No. 87 of 12 July 2018, converted with amendments by Law No. 96 of 9 August 2018, bans all forms of advertising, including indirect advertising, for games or betting with cash winnings. This also includes sponsorships and sporting events.
Another point of concern is that Polymarket allows people to bet on political and war-related events. This represents a serious reputational risk for Italy’s gambling industry and for the football sector.
Agimeg – a leading Italian news agency specialising in the online gaming sector – reported that Polymarket’s official website reportedly states that Italy is among the jurisdictions where trading is restricted. Users may be able to view markets and data, but not trade.
Protection of minors
The most important part of the PD’s request concerns the protection of minors. The criticism focuses on the role of professional football and the limits on gambling advertising in the sport. According to Ricciardi, promoting platforms such as Polymarket may carry risks because it could encourage addiction or financial losses.
The authorities must always protect consumers. This should be the goal of any responsible industry. When it comes to gambling, this is even more important, as it is considered a sensitive issue by many. Above all, the easy access young people have to these websites makes the matter more complicated. Looking at the Lazio and Polymarket case, it is clear that concerns and questions are emerging and multiplying. As time goes on, the issue is becoming increasingly relevant.
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