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Demands from the Online Casinos

The gambling industry in Ireland is in for an overhaul in the coming weeks and months. Since the beginning of the year the Irish government has been in the process of revamping the legislation that regulates the foreign and domestic online casinos that are operating in the market. There is currently a bit of a free-for-all in the Irish marketplace. Land betting venues have very few regulations in place and the online casino betting market is just beginning to take off despite the lack of regulations in the market. The Irish Parliament Minister, Martin Cullen, is looking to make some very severe changes to the structure in the Irish gambling market – some of the proposed changes could actually force the internet casinos and gambling companies out of the market. Other new restrictions regard contributions to the state horseracing industry.

Over the past several months there have been a lot of rumors circulating about the new Irish gambling regulations – some speculate that online casinos and internet betting venues will be banned from the market. Others note that additional taxes are most likely. The current announcement form Cullen though centers issue of funding the state horseracing industry. The horseracing industry is currently supported by the Exchequer and Cullen is looking for the land and online betting market to begin contributing heavily to this fund.

Funding from the Exchequer is likely to stop in the near future – yet the Irish horseracing industry is unable to support itself now that betting revenues are being funneled through the domestic and foreign online casino betting venues. There is very little indication of the level of support that is actually likely to come from the betting companies, but Cullen is expecting some sort of voluntary support from these companies. The alternative is that the internet gambling industry will face either a banning from the Irish market or the gambling companies will be heavily taxed – the exact way to handle the new regulation of internet gambling is unclear.