The long awaited Irish Gambling Control Bill, the bill that is set to modernize Ireland’s regulatory framework, is soon to become a reality. The bill has been in talks since July last year, but there hasn’t been much progress in it until now.
How it will change the existing act
The new bill will be an update of the current Betting Act 1931, sections of the 1992 Finance Act, and the Gaming and Lotteries Act of 1956, and it will accommodate online gambling in it efficiently.
The new UK Gambling Act which is expected to be enforced starting 1st November will need betting services from offshore parties offered to Irish gamblers holding a valid license. The act does not require customers to have a physical presence in Ireland, and all transactions happening between Irish customers will have a betting duty imposed on them.
As of now, only the bookmaking entities are needed to give the betting duty charges (which is 1 percent of the total transactions). The new rules, on the other hand, will require bookmakers, operators, and betting exchanges to pay the newly imposed tax. According to estimates, about $2 billion Euros per year is wagered by Irish customers per year over the internet.
Amount to be raised: $32 million
Michael Noonan, Finance Minister, said in his budget speech of 2015 that a yield of $32 million is expected annually in taxes. In addition, he said that a significant sum of the total anticipated tax amount will be set aside to fight Ireland’s gambling addiction problem, as well as for the country’s horse and greyhound racing industries.
The bill is expected to strictly follow age verification measures, consumer complaints, advertising measures, and licensing regulation procedures for land-based casinos in Ireland. No casino in the country will be allowed to cater to more than 15 tables, and the number of new casinos will not exceed 40.