Legal gambling in Italy: €21.5 billion lost in 2024, a new balance between online and retail
In 2024, the total volume of Italy’s legal gambling market reached €157.4 billion, marking a 42% increase compared to 2019. Behind this record figure, however, lies a profound structural transformation. Player winnings amounted to €135.8 billion, leaving an actual expenditure of €21.5 billion, the true measure of what Italians spent on gambling. The data confirm a resilient industry, but one that is undergoing rapid change.
Driving this growth is online gambling, which between 2019 and 2024 surged by 153%, while retail gaming is still struggling to recover pre-pandemic levels, showing a 12% decline.
The rise of digital: online gaming leads the revolution
The 2025 CGIA di Mestre Report, unveiled on 16 October at Palazzo Wedekind in Rome during an event organised by As.Tro, paints a picture of an industry moving at two different speeds. On one side, the unstoppable expansion of digital; on the other, the slow retreat of traditional physical gaming.
In 2024, online gambling generated a total turnover of €92 billion, of which €87 billion was returned to players as winnings. The remaining €5 billion represents the actual player spend, divided between €1.1 billion in tax revenue and €3.8 billion retained by the supply chain as industry margin.
As Massimiliano Pucci, President of As.Tro, explained: “The growth of online gaming reflects a profound change in player habits, increasingly oriented towards digital channels and remote play.” According to Pucci, this trend “calls for thoughtful reform to ensure stability within the sector, protecting the legal network and those who operate responsibly within it. Strengthening legal gaming means defending an essential economic and social asset that guarantees secure state revenue, qualified employment, and safeguards citizens from illegal risks.”
New market trends: casino games, card games and sports betting
Between 2019 and 2024, three categories accounted for 95% of total online growth: casino games (53%), non-tournament card games (28%), and sports betting (14%).
After slowing in 2022 (+4%), the digital market resumed strong momentum, posting a 13% increase in 2023 and 16% in 2024. These results underline both the resilience and adaptability of a sector that continues to thrive even after the reopening of physical venues, thanks to safer platforms, technological upgrades, and improved user experience.
Regulatory changes: concessions, domain limits and market rationalisation
On the regulatory front, 2024 proved pivotal. With the introduction of Legislative Decree No. 41 of 25 March 2024, the Italian government redefined the framework for public remote gaming.
The Customs and Monopolies Agency (ADM) awarded 52 new licences to 46 operators (33 Italian and 13 foreign), exceeding the forecast of 50 licences and generating an additional €14 million, bringing the total revenue to €364 million.
The new rules aim to rationalise the online market: each licensee will be allowed to manage only one domain, reducing fragmentation and enhancing oversight. By 2026, further measures will regulate online top-up points (PVRs), whose numbers are expected to fall under the new licensing system to improve transparency and traceability.
Physical gaming shrinks: slot machines and VLTs down 30%
The situation is starkly different for land-based gaming, which continues to show signs of contraction. Only a few categories – Lotto and Lotteries (+18%), Sports Games (+33%) and Bingo (+1%) – posted positive results compared to 2019.
This modest growth is not enough to offset the sharp 30% drop in Slot Machines (AWP) and Video Lotteries (VLT), which together lost €13.9 billion in revenue versus 2019. In 2024, takings from gaming machines fell to €32.6 billion, down 3.3% on 2023, confirming the ongoing struggle of the retail channel to regain its pre-COVID footing.
Fewer venues, larger halls
While the number of VLTs has stabilised, performance remains subdued. In 2024, total VLT turnover stood at €16.6 billion, virtually unchanged from 2023 (−0.5%), yet still 29.4% below 2019. The number of venues has steadied, but average size is increasing, rising from 10.7 VLTs per hall in 2015 to 12.6 in 2024, signalling market concentration and rationalisation.
At the same time, the distribution network continues to shrink. In 2024 alone, 3,000 AWP machines and 1,100 retail outlets disappeared. Compared to 2019, there are now 16,000 fewer machines (−6.3%) and 8,400 fewer venues (−14.4%), with the most significant impact on “generalist” businesses such as bars, tobacconists, newsstands, and restaurants.
Jobs and businesses: 10,000 workers lost in five years
The decline in physical outlets and turnover has also hit employment. Between 2019 and 2024, the sector lost 10,000 jobs and 9,900 businesses, a 16% reduction.
By the end of 2024, companies operating in the AWP/VLT supply chain numbered 50,516, of which 39,969 were general retailers and 10,547 were dedicated gaming and manufacturing firms. The total workforce – measured in full-time equivalent units – is estimated at around 41,000, underlining the sector’s economic relevance but also the need for policies to sustain skilled employment.
Tax contribution: €6 billion to the Treasury
Despite the downturn, the gaming industry remains a key contributor to Italy’s public finances. In 2024, the Single Gaming Tax (PREU) generated €5.2 billion for the state, about €1.5 billion less than in 2019.
Additional taxation, including income tax (IRPEF and IRES), regional and local levies (IRAP, TARI), and social security contributions, brought in another €788 million, for a total fiscal contribution of around €6 billion. These complementary revenues have also fallen, reflecting declining profitability and the narrower margins faced by operators.
The call for reform: balancing growth and regulation
The joint CGIA–As.Tro Report sends a clear message: Italy’s regulated gambling industry is at a crossroads, and it needs a long-term vision. The rise of online play offers opportunities for innovation and modernisation, but also calls for a new equilibrium between digital and physical channels.
For operators, the challenge will be to sustain player trust through transparency and responsible practices. For the state, it will be about maintaining stable revenues while safeguarding jobs and legal operators from unfair competition and illicit activity.
As Pucci aptly stated, “Strengthening legal gaming means defending an essential economic and social safeguard that guarantees steady state revenue, quality employment, and protection for citizens from illegal markets.”
This article was first published in Italian on 12 November 2025.
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