The Irish Gambling Control Bill is about to be introduced.
Irish Gambling Control Bill: Set to Become Reality Soon
Reports from the Irish media suggest that Ireland's long-awaited push to modernize its gambling regulatory framework will finally come into existence. The Gambling Control Bill, initially proposed in July, is about to materialize.
The bill aims to replace the Betting Act 1931, Gaming and Lotteries Act 1956, and some sections of the Finance Act 1992 to effectively integrate online gambling into the existing framework. It will require offshore gambling operators catering to Irish customers to acquire an Irish license, regardless of their physical presence in the country. Additionally, a betting duty will be levied on all Irish customers involved in gambling transactions, impacting both online and offline operators.
It's projected that approximately €1.6 billion ($2 billion) is gambled annually by Irish customers via the internet.
€25 Million Annual Revenue
Irish Finance Minister Michael Noonan estimates an annual revenue of €25 million ($32 million) from the imposed betting duty. Out of this, €11 million will be allocated towards investments in horse and greyhound racing industries, while €5 million ($6.3 million) will be assigned to Horse Racing Ireland in 2015 to facilitate investments in race courses.
Bookmakers' Reaction
Irish bookmakers have had a positive response to the bill. A representative for market-leading Paddy Power commented, "We have collaborated with the Irish authorities on the Betting (Amendment) Bill, ensuring all companies offering services in the Irish market adhere to the same regulations, irrespective of their Irish presence."
New Consumer Protection Laws
The incoming bill will introduce consumer complaints and age verification procedures, limits on advertising, and licensing provisions for land-based casinos in Ireland. The number of new casinos authorised will be capped at 40, with no casino eligible for more than 15 tables.
Recent studies show a 250% increase in problem gambling in Ireland over the past three years, coupled with an escalating reliance on mobile technology. Irish Justice Minister Alan Shatter believes this bill represents progress, stating: "This legislation is designed to effectively regulate the emerging and dynamic gambling sector while introducing measures to safeguard vulnerable adults and minors." He also expects the gambling industry to embrace the concept of responsible gambling.
The announcement of the Gambling Control Bill coincides with rising concerns regarding increased problem gambling in Ireland, which some attribute to the growing trend towards mobile gambling. As per a recent report in the Irish Independent, problem gambling has risen by 250% in the last three years. The government aims to profit from this trend, with an estimated €25 million in tax revenue expected each year from the proposed betting duty. The legislation will also promote responsible gaming, protecting vulnerable adults and juveniles.
Read also:
- Will Topp be the next Terodde?
- Kompany's Relation to Schenk Explained:
- Permission granted for HSV.
- Millions demanded by HSV handball athletes.
