it's a cat and mouse thing, but the truth is that there is no will to actually do it, because the party who championed this has since moved to other things, and clubs _want_ the money from betting companies because they're struggling to keep up with other leagues (especially since those sponsors _are_ allowed in other leagues).
It is. And while it is true that Italian Serie A struggles to be financially competitive with other top leagues, the important "detail" to keep in mind is that no football league is financially competitive with Premier League, and the gap only grows bigger and bigger every year.
Edit: also stadiums, but issues with building new stadiums are often caused by bureaucracy. Also the deals from bettong sites are not that great to be deciding factor of club can build a new stadium or not.
You would think the situation would sort of fix itself over time where premier league ends up being expensive and serie A starts looking like a more attractive deal. E.g. in NBA if you were a billionaire actually seriously interested on winning a championship (many owners aren't, granted), the worst thing you could do is buy the knicks or the lakers. The best thing you could do is buy some small market team for an order of magnitude or two lower price and then just dump the rest of your cash into securing contracts with the best players and coaches available. Plus most of europe is on the same or similar time zone. And there is the whole champions league where many european fans are already used to following teams out of these other leagues.
If you buy a cheap Italian club and spend a ton of money you will do well in the national league and go to the UEFA champions league.
But the amount of money a random premier league team gets for their league is tenfold, so you still will struggle to compete.
This is one of the reasons there's a handful of non-premier league teams that have reached the UEFA champions league final in the last 10-20 years, while in the 80s you had random teams from all europe winning the Champion's Cup.
Concentration of wealth without NBA-inspired salary caps is self reinforcing and killing European footbal.