10 May 2023
By Roger Kennedy
roger@TheCork.ie
Entertainment
The Impact of Online Gambling on Ireland’s Economy. The online casino market in Ireland has been steadily on the rise since 2015. Learn how the online casino industry is impacting Ireland’s economy.
There’s no denying that gambling is a popular activity in Ireland and since all forms of online gambling were legalised in 2015, the online casino market in the country has been steadily on the rise. Today, the online casino industry in Ireland is worth an estimated €1.4 billion, which means plenty of revenue is being generated for the country’s economy.
What’s Behind the Growth of the Irish Online Gambling Industry?
A regulatory framework has provided licensed online casinos and betting sites for Irish players to choose from. Additionally, the convenience of playing online from a mobile device can be attributed to the growth.
Many gamblers in Ireland are seeing the benefits that come with playing their favourite casino game online rather than in a land-based casino. The choice of games is vast compared to the limited portfolio a physical casino can offer, not to mention the fact that players can also get their hands on casino bonuses and promotions which are only available at an online casino.
Irish gamblers can enjoy a wide variety of online casino games at hundreds of licensed online casinos as well as bet on a range of sports like horse racing, greyhound racing, football, golf, cricket, and many more. As more online casinos and sportsbook operators obtain their gambling licences, gambling continues to be on the rise in Ireland, but what kind of impact is the casino industry having on the economy?
Positive Impacts of the Irish Online Casino Industry on the Economy
There are several ways by which the Irish online casino industry is impacting Ireland’s economy, from gambling taxes to employment and investment opportunities. Let’s take a closer look at the main ways the gambling industry is positively impacting the economy:
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Increase in Employment
One of the most positive impacts that the online casino industry has had on Ireland’s economy is the increase in employment opportunities and the chance to work within a challenging and thriving industry.
Casino and sportsbook operators employ hundreds of people all over Ireland and the UK and the kind of jobs available within the industry offer a lot of variety. These can include software developers, designers, customer support agents, marketing and advertisement specialists, responsible gambling analysts, and so on.
The more people gamble, the more job opportunities will be created, which is always a positive impact on the economy. The online casino jobs market is competitive but it’s also worth mentioning that these jobs usually offer competitive wages and perks too, which means exciting opportunities are being created for those who want to work in the iGaming world.
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Foreign Investment
As one of the biggest online gambling markets in Europe, Ireland’s economy can also benefit from foreign investment. Although the costs of operating an online casino are significantly lower than the costs involved in operating a land-based casino, it’s still expensive to operate an online casino, especially in licensing fees.
Because Ireland has a regulated gambling market, the country can benefit from foreign money coming in from companies interested in investing in the online casino industry. With foreign investment, Ireland’s economy can also benefit from a growing number of employment opportunities.
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Taxes from Online Gambling Collected by the Government
In any jurisdiction where online gambling is properly regulated, the government collects taxes from gambling companies and operators. Other than licensing fees, the government also collects taxes from deposits made by gamblers at an online casino as well as VAT.
This could be a positive impact on the Irish economy because these taxes can be turned into funds that will be put towards social services, public healthcare, and other sectors. All in all, taxes collected from online gambling could become a great source of revenue and growth for the country’s economy.
Conclusion
It’s safe to say that since online gambling has been legal since at least 2015, many other jurisdictions around the world followed suit and began regulating their online casino market. With a proper gambling authority and licensing in place, the Irish gambling market and online gambling around the world are set to keep growing.
In Ireland, the impacts of gambling on the economy are largely positive, especially if safe and responsible gambling is promoted within a proper regulatory framework. Besides an increase in revenue that’s generated from taxing licensed operators, the rise of the online gambling industry should continue to attract beneficial investment from foreign countries and contribute to a growing employment market.