Gambling is a huge and quickly expanding sector throughout the entire world. In Ireland, it was valued €1.7 million in 2007. Casino gaming has taken a big leap in average growth.
There are six main gambling sectors in Ireland including The National Lottery. It is estimated that 2000 to 3600 people will be employed in casinos in Ireland by 2020. The payroll is expected to go up to €107 million.
As per the research by, Monster Casino, Online Casinos see a growth by 10-15% annually due to many reasons. These include easy and improved accessibility, ground-breaking evolving technology, quick payment methods and innovative game variations. With an increase in the number of players, there will be a rise in potential winnings too. Ireland has excellent internet connectivity and is an English speaking country. It has immense potential to attract online gamblers from all over the world.
The legislation should be able to provide certain things if the online sector has to sustain successfully. The market players should be able to conduct appropriate business with complete freedom and security. There should be a competitive tax regime. The sector should always be flexible to changes and adapt well. The staff employed should have an attractive working environment and opportunities to develop specialist skills.
Land-based casinos are operating across Europe in a well-regulated manner. In contrast, the casinos in Ireland are unregulated. The analysis shows that the Irish spend relatively more on gambling as seen by international standards. In 2007, the Gross Gambling Revenue (GGR) of Ireland was €1.7 million, 1.5% of which came from casino gaming. The Irish casino gaming contributes to around 20% of the GNP of Europe.
This sector has an important impact on the tourism of a country and vice-versa. It varies from country to country. In places where the laws are well laid and proper regulations are imposed, for instance, a large part of USA and Asia, the tourists are more attracted to them. Ireland, which is a part of Europe, is less likely to have a significant impact on tourism.
The Irish gambling sector is not being exploited up to its full potential due to uncertain legislation. If the worth of the sector increases as the overall economy, the GGR is expected to touch €280 million by 2020. Proper regulation is needed in order to increase GGR. It will also prevent underage gambling, money laundering, crime and issues related to consumer protection. In 2016, it was announced that a Gambling Control Bill would be passed in Ireland. It will protect the players, ensure no involvement of minors and keep a check on crimes.
Both land-based and online casinos have a great economic potential in Ireland. This is when there will be appropriate regulations on these sectors. Social benefits like consumer protection will also be reaped from implementing them. Many large corporates are now part of this fast growing sector. Casino Committees also believe that Ireland can become a hub of central gaming. Both sectors require a set of skilled labour and a good reputation to flourish. With the advancement in technology, there are high hopes from this sector with respect to the economic growth of Ireland.