Betting and casino games are among the most common hobbies in Ireland. In fact, Ireland is among the countries with the highest interest in gambling, so it comes as no surprise that the iGaming industry is thriving here. Online gambling was legalized in 2015, so they are quite experienced when it comes to regulating this entertainment. As a result, there are lots of reputable sites here that you can find on irishcasinosites.com and pick the one you like the most. They have incredible game variety, and you can also get some neat bonuses.
Not only is online gambling safe here, but it’s often the most convenient way to play casino games or place bets. Even foreign operators have localized their platforms to accept Irish currency, so it’s not complicated to make deposits and withdrawals. You can read the review on instant withdrawal casinos that grant you almost immediate access to your winnings. This is a luxury many online gamblers don’t have, as they wait days or even weeks for their withdrawal request to be approved. Here we will take a closer look at the Irish casino, examine their impact on the economy and talk about their future.
Overview of Gambling Laws
Last year (2022), a new bill for gaming regulation was passed. A regulatory body that oversees all forms of gaming, was formed. This isn’t too surprising, especially since a lot of freemium mobile games have in-app purchases that can trick young players into spending money.
There are many popular sports-themed games you can play on your phone, and unlike online casino apps, these don’t have age restrictions. The in-game cosmetics and currencies can be easily monetized and parents often have their card information saved on both Google Play and App Store. Meaning a kid can easily make a purchase without authorization. So, it’s better to regulate all gaming content rather than solely focus on casino games.
Online casinos can no longer allow players to add funds from credit cards. The idea here is to prevent people from getting into debt in order to gamble. Loyalty programs, or VIP memberships, along with other promotions that include free bets/spins are now forbidden. These were all deemed predatory towards problem gamblers.
New Restrictions
This new law also added some new restrictions. Gambling commercials aren’t allowed from 5 pm to 9:30 pm, and they are also banned from advertising on social media platforms. Additionally, there are new limitations on sponsorships. Any sports club that has team members who are under 18 cannot accept gambling businesses as sponsors.
Casinos often back a popular football team in order to get more positive brand association, and in order to increase their brand awareness. This is a lucrative marketing tactic that’s always been controversial. Parents like it when their kids have athletes as role models but hate the idea of those role models promoting betting or casino games.
Still, in spite of all of these restrictions, Ireland is very generous when it comes to taxing betting businesses. While private casinos pay a tax of 23%, the tax on betting has dropped significantly over the past 3 decades.
- 20% – Until 1986
- 10% – Until 1999
- 5% – Until 2002
- 2% – Until 2006
- 1% – Present Day
How Profitable is Gambling in Ireland
The gambling market as a whole generates over billion euros a year
- €65 million comes from private casinos
- 130 million comes from slots or similar machines
- Lotteries generate over €300 million
- Land-based sports betting generates over 310 million.
- Bingo accounts for about 10 million euros,
- Online gambling is estimated around 220 million.
This isn’t too surprising especially when you take into account that some of the biggest casino wins actually happened online. In other words, the Irish aren’t really sceptical about online operators and they trust their regulatory body.
Challenges for Land-Based Casinos and Betting
Back in 1956, Ireland decided to address land-based casinos for the first time and created Gaming and Lotteries Act that prohibited commercial casinos. Casinos adapted to this regulation and they were exclusive membership clubs. In other words, only members could enter and play games. At this time, there were around 14 clubs in total throughout the entire country. This has clearly changed and in 2013 new land-based casinos were granted permission to operate.
These land-based entertainment hubs have become very popular and one of the major tourist attractions. However, they can’t compare with the land-based sector like the one in the US. On the other hand, Ireland has more liberal online gambling laws, and that’s one of the reasons why it is the fastest-growing economy in Europe. The biggest concern regarding these liberal laws was an increase in problem gambling or gambling addiction. Luckily, the new bill has targeted those concerns and added some big restrictions.
Still, the law has also created some challenges for land-based casinos and sportsbooks. Most bettors and players now prefer to use apps and websites, which limits the potential for other land-based businesses. Many bars are hesitant to turn their place into a gaming/gambling arcade because they feel people wouldn’t be that interested. After all, similar content is accessible via mobile.