Ireland’s New Gambling Regulator Launching Soon
Lawmakers in Ireland have been working hard to revamp the country’s gambling laws. Reports indicate that Ireland has a legitimate gambling addiction problem. Ireland’s new gambling regulator will be launching soon, and the hope is that it can curb the gambling problem affecting thousands of citizens.
Today, we’re going to explain why this new gaming regulator is being set in place. Later, we’ll talk about the impact this government body may have on Ireland’s gambling industry. Things are changing here fast, and many questions remain regarding how it will impact players and companies.
Ireland’s New Gambling Regulator Is a Necessity
It’s well-known that Ireland has one of the largest online gambling markets in the world. A number of top online gambling companies are based here, many of which bring millions in revenue every single month. The massive amount of both land-based and online gambling options has led to a significant rise in gambling addiction throughout the country.
In 2013, Ireland passed the Gaming Control Bill. This allows foreign gambling companies to legally operate in the country after obtaining a license from the government. As more gambling operators launch here, problem gambling becomes an even bigger issue.
A report by The Irish Times indicates that one in ten children in Ireland gamble illegally on a regular basis. More than 40,000 people in this country are said to have a serious gambling addiction issue.
David Stanton, the Minister of State, has made it clear that he supports Ireland’s new gambling regulator. The new group will set a number of restrictions over the gambling industry. Their goal is for the market to stay profitable while still helping those with problems from gambling.
New Gambling Regulatory Body Will Launch Within 18 Months
David Stanton has recently told the media that the new gambling authority will officially launch within 18 months. According to The Irish Post, lawmakers here are still working to agree on the new Gambling Control Bill. This bill will set a number of new restrictions on gambling advertisements and sponsorships.
Stanton claims that the new regulatory group will need significant investment before it’s ready to launch. He believes that online gambling application fees may be enough to fund the group.
Speaking at a recent meeting with media, Stanton claimed, “The proposed comprehensive reform will be of significant impact. Without a new regulatory authority, sufficiently resourced, there is no prospect of progressing modern licensing and regulation.”
The Gambling Control Bill will obviously take time to officially launch. Ireland opened its doors to foreign gambling companies just a few years ago, yet the same gaming laws have existed here since 1956. Will the new gambling regulator really help to stop the spread of gambling addiction here?
What Does the Future of Ireland’s Gambling Industry Look Like?
Ireland is in a very similar position to the UK. Both countries have massive online gambling markets. They both deal with huge gambling addiction problems. Not long ago, the UK announced a new “National Strategy” to combat problem gambling.
It’s clear that regulations on the internet gambling market in Ireland are about to get heavier. We’ve seen a number of countries recently take drastic steps to lower gambling addiction rates. Sweden, for example, has banned virtually all forms of gambling marketing.
No one knows exactly what Ireland’s new gambling regulator plans to do. It’s very likely that we’ll see new gambling ad restrictions here. Limits on gambling machine spending are also likely to be set in place.
The Irish government may want to be wary of setting overly harsh restrictions. If gambling companies that operate here begin to see their revenue earnings fall, they may choose to leave the market. If players here are affected by the new laws, they may begin playing through websites unregulated by the government.
Do you think Ireland’s new gambling regulator will make things better? What steps should the government here take to stop gambling addiction? Let us know in the comment section below!
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