The European Court of Justice (ECJ) has found that Italian legislation on the regulation of gambling is contrary to EU law in certain respects. Under Italian legislation, the organising of games of chance is subject to the grant of a licence and prior police authorisation. However, licences are not available to companies whose individual shareholders are not always identifiable, for example, companies quoted on regulated capital markets. The ECJ ruled that a blanket exclusion of quoted companies was illegal under EU law on freedom of establishment and freedom to provide services. Moreover, any criminal penalties for failure to obtain a licence are also illegal under EU law if such failure was due the illegal blanket exclusion of quoted companies. This judgment could help to open up the EU market to legitimate cross-border gambling activities.