Ireland aims to establish a new gambling regulatory body.
The Irish government aims to establish a new regulatory body for its casino and online gambling industry. A cross-departmental team has released a report proposing changes to gambling regulations, particularly focusing on updating licensing criteria for gambling providers and integrating modern technology.
Integrating Online Gambling
The Irish government plans to create a new regulatory authority for its land-based casinos and online gambling market. This move comes after a special commission's report highlighted the need for change, stating that the country is still using a mid-20th century approach to gambling activities without considering technological advancements.
Acting Minister of State David Stanton believes that Ireland needs to adapt to the growing iGaming industry by reforming its current gambling legislation. He argues that this can only be achieved through the establishment of a new independent regulatory body modelled on the British system. Stanton emphasizes the importance of regulating both land-based and online gambling: "The labour force in gambling now requires a thorough update. Our working group believes that without a new independent regulator, comprehensive reform in this sector is impossible."
Furthermore, the current Irish law does not provide a coherent framework for licensing and regulating gambling, aside from specific legislation regulating the country's national lottery. Additionally, the Irish gambling sector is controlled by multiple government departments and agencies, making it inadequate in addressing modern technological advancements.
Stanton proposes a unified regulator responsible for overseeing the entire Irish market, including licensing and enforcing regulations. This would ensure maximum player protection and data security. Gambling companies would be subject to centralized checks, licensing, and categorization under this new framework.
Financing the Regulator
Reports in the Irish press suggest that the establishment of a social fund is set to become part of the new regulatory authority. Much like the lottery sector, the revenue raised would benefit the public in aspects related to gambling awareness, research, and educational initiatives.
Stanton affirms that the authority's funding will primarily come from fees and levies from regulated Irish gambling activities. The government expects the authority to be self-sufficient over time through license fees and other fees charged to gambling operators.
IBA's Endorsement
The Irish Bookmakers Association (IBA), which represents Irish betting operators, has endorsed the new report and the government's proposals. Chairperson Sharon Byrne is particularly eager for the new regulatory authority to be implemented "as soon as possible." She hopes this development would expedite the passing of a bill for an independent regulator, and emphasizes that the IBA's members already adhere to several of the proposed safety measures. Byrne also asserts, "An independent regulator will ensure that all regulations are enforced and complied with, benefiting consumers by providing better protection."
Taxation Challenges in Ireland
The Irish bookmaking industry is currently facing issues with potential tax increases. The proposed increase from 1% to 2% would result in a €35 million tax shortfall. Economics professor Anthony Foley from Dublin City University has calculated this figure. The IBA supports Professor Foley's opinion, stating that the tax hike is being implemented without considering its adverse effects on the industry.
The drastic shortfall has prompted fears of more than 400 betting shops closing, representing 47% of the totality of the Irish gambling market. This could lead to the loss of over 2,500 jobs. There are currently 850 licensed betting shops in Ireland. At present, the government has yet to respond to the planned tax increase. It remains unclear whether the establishment of a neutral regulatory authority will resolve this financial fiasco.
Read also:
- BVB trails 1-0 against Paris, with Füllkrug leading them towards the final.
- Munich Drama: Late Real Penalty Leaves Bayern Shocked
- Lars is capable of leading BVB, according to many.
- Subsequent torrential rainfall leads to 48 fatalities due to partial highway collapse in China.
Source: www.onlinecasinosdeutschland.com
