Ever since the introduction of the first draft on internet gambling regulations in Ireland in 2011, it has undergone various amendments. Recently it was approved by the government as Ireland’s Gambling Act of 2015. According to Ireland’s Finance Minister Michael Noonan, the new law will introduced some new regulations and will also introduce taxation on remote gambling companies which are offering services to Ireland’s citizens. Once the regulations are finalized all iGaming service providers will have to pay new taxes from next financial year and these games will be firmly regulated by government.
Details of new regulations
From August 1, 2015, all online gaming services like casino, bingo and other games that are played within Ireland that allows players to play with real money will have to pay 1 percent service tax on gross revenues while online sports betting firms will be charged with 15 percent net revenue like the UK POC taxes. Gambling operators that provide online gaming to customers in Ireland will have to obtain license at a fee of € 10,000 which will be valid for two years. The regulations have been approved by gambling service providers in Ireland as a step in the right direction to manage taxation with licensing.
Aim of the Irish internet gaming policy of 2015
The new amendments in the law will make for a better regulated gambling scenario within the nation. Since the bill will also bring offshore gaming providers under the law it will bring more revenues by betting duties and help protect Ireland’s players from frauds. Unlicensed gaming services providers will have to pay fines of € 300,000 if they break the law and thereafter they may also be barred from offering their services in future. These new laws will help local government to earn sizeable revenues of around € 25 million annually and will also provide a level playing ground for all service providers.