Lazio have been dealt an unforeseen blow, as their main sponsor, Polymarket, is facing a major legal storm in Italy.
The Background
After almost three years without a sponsor on the front of their jersey, the Biancocelesti were finally able to strike a deal with Polymarket in April, which was immediately brought into effect. The two-year contract was expected to earn the club a total of €22 million. However, the accord has been put in jeopardy due to the latest legal developments related to the company.
Italian Authorities Blacklist Polymarket
According to multiple sources in the Italian media, including Il Corriere dello Sport and Calcio e Finanza, Polymarket’s website has been blocked in Italy after being placed on the blacklist by the Italian authorities for its unsanctioned activities.
This is due to an Italian regulation that prevents gaming platforms from operating in the country without a license. This had already led to Polymarket’s ban last year, but they challenged the decision at the administrative tribunal, which suspended the ban, allowing the platform to operate. But while the court has yet to deliver a final ruling on the matter, a new ban has been issued against Lazio’s sponsor.
Polymarket Arguing Against Their Ban
Polymarket has been arguing that the nature of their operation differs from traditional betting platforms. The NYC-based company describes itself as a prediction market that allows users to bet on the outcome of future events by buying and selling odds linked to specific results. Therefore, it is considered a hybrid domain between betting and trading.
What Are Lazio’s Options?
While it remains to be seen if his nuance could eventually allow Polymarket to operate normally in Italy once again, Lazio find themselves in a tough spot, as they could be prohibited from displaying the logo of the currently banned company. Hence, it remains to be seen if they will consider terminating the contract prematurely and find themselves a new main sponsor.
Another Painful Blow for Lotito’s Regime
Claudio Lotito’s administration is already facing a nightmarish financial scenario, as the fan boycott could cost them €20 million on its own, with the supporters refusing to attend matches and purchase season tickets.
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