Irish Parliament Finalizes Online Gaming BillPublished July 6, 2014 by Lee R
The Irish government has outlined and confirmed its plan for regulation of online gaming activity.
Ireland has finalized new remote betting legislation which is expected to be in place by the end of the year.
Sent to EC
The official version of the Irish Betting Amendment Bill has been sent off to the European Commission (EC) for final approval. In three months, the EC should confirm that the Irish Bill is compliant with the broader principles of newer EU law.
Irish Online Regulatory Plan
The new Bill details the licencing and tax of all bookmakers operating within its jurisdiction, whether those operators are based in Ireland or not (taking into account the fact that online operators can be based anywhere in the world, so that the Irish citizenry would be granted full regulated access to those sites by the new Bill sent to EC).
The Bill would require remote online operators to submit 1% of Ireland-based revenues and also imposes a 15% tax on Ireland-based wagers.
Irish Gaming Revenues
The value of the Irish betting market is estimated at €1.6bn a year annually. The Irish government expects to add approximately €16m in tax revenue annually as a result of the new legislation.
The bill also provides longer opening hours for land-based casinos in Ireland, spurring hope from the land-based industry for a quick passage, but the thoroughness and compliance which the three month process represents will ultimately benefit the gaming industry as a whole for the long term. Once EC regulatory approval is issued, Irish gambling activity can commence fully regulated and continue unabated.
Further Regulatory Framework Legislation
In the interim, broader gambling legislation is being drafted by the Irish Parliament to establish a dedicated gambling regulator enforcement authority that discourages illegal gambling activity as well as being more protective of consumers.