17 October 2024
By Roger Kennedy
roger@TheCork.ie

Entertainment

Ireland has long been associated with luck and good fortune, and this cultural affinity has translated into a thriving gambling industry. From traditional betting shops to modern online platforms, gambling has become deeply ingrained in Irish society. But how does Ireland’s gambling sector stack up against the rest of the world?

Ireland’s Gambling Market

Ireland’s gambling market is experiencing significant growth, particularly in the online segment. By the end of 2024, projections suggest that the online gambling market alone will reach approximately €1.24 billion. This upward trajectory is expected to continue, with analysts predicting a steady annual growth rate of 2.46%, potentially reaching €1.40 billion by 2029. Cities like Dublin and Cork are growing as gambling hubs, with prominent venues like the Macau Casino Complex and The Bank Casino.

The online casino sector plays a key role in this expansion, with an estimated market volume of €0.65 billion (US $0.70 billion) in 2024. This growth has attracted both domestic and international operators, turning Ireland into an increasingly competitive market.

Security has become a primary concern for many players, leading to increased scrutiny of the safety measures offered by online platforms. Industry expert Joe Hernandez states that offshore casinos, such as those featured on Safest Casino Sites, are gaining recognition for their robust security protocols and player protection policies, making them popular options for Irish and UK gamblers. These platforms are known for offering secure, transparent gambling environments.

Regulatory Environment

Ireland’s regulatory landscape is evolving, with the Gambling Regulation Bill aiming to introduce stricter controls to ensure responsible gambling practices across all forms of betting, both online and offline. This legislation establishes the Gambling Regulatory Authority of Ireland (GRAI), which will oversee the licensing and regulation of gambling operators.

This development aligns Ireland with other major gambling markets, where governments have tightened regulations to ensure player protection:

• United Kingdom: The UK Gambling Commission is one of the world’s most comprehensive regulatory bodies, enforcing strict guidelines on operators and focusing on consumer safety.
• Malta: Malta remains a key hub for online gambling in Europe, offering a favourable regulatory environment via the Malta Gaming Authority (MGA). Many international gambling companies choose Malta for their operations due to its flexible system.
• United States: The U.S. gambling market is complex, with each state having its own regulations. Some states, like New Jersey and Pennsylvania, have legalised online gambling, while others maintain bans or tight restrictions.
• Australia: Australia’s approach to online gambling is more conservative. While sports betting and lotteries are allowed, many casino-style games remain prohibited online. Each state and territory has its own regulatory framework.

Market Size and Growth

While Ireland’s gambling market is substantial, it pales in comparison to larger global players. For example:

• The United States online gambling market was valued at USD 1,978.57 million in 2020, significantly larger than Ireland’s.
• The United Kingdom gambling industry generated £14.2 billion in gross gambling yield from April 2019 to March 2020.

Despite its smaller size, Ireland’s gambling market is growing steadily, particularly in the online sector. 

Innovation and Technology in Irish Gambling

Technology is reshaping the global gambling industry, and Ireland is no exception. From cryptocurrencies to virtual reality (VR) and live dealer games, Ireland’s gambling operators are embracing new technologies to enhance the player experience.

Cryptocurrency Adoption

Ireland stands out as a relatively progressive market when it comes to cryptocurrency adoption in gambling. While crypto gambling operates in a regulatory grey area, there are no explicit bans on its use. As Ireland continues to update its gambling laws, future regulations may clarify the role of digital currencies. This progressive stance is widely different from other countries:

• United States: The regulatory environment around cryptocurrency gambling is restrictive, with many states not yet legalising its use.
• United Kingdom: UK-licensed operators are not allowed to accept cryptocurrency directly, although offshore operators catering to UK residents do accept it.
• Malta: The Malta Gaming Authority (MGA) actively promotes the use of cryptocurrencies in gambling, setting it apart as a leader in crypto-friendly regulation.

Virtual Reality (VR) Experiences

Virtual reality (VR) technology is reshaping the way players interact with online casinos, offering immersive, interactive experiences. Ireland is keeping pace with global trends in this area, though VR adoption is growing steadily. As VR hardware becomes more accessible, Irish online casinos are likely to expand their offerings in this space. Other regions show similar trends:

• United States: Some online casinos have integrated VR technology, offering players immersive environments that simulate real-world casinos.
• United Kingdom: While not widespread, VR is gaining traction in the UK market as a way to differentiate online offerings.

Ireland’s slow but steady adoption of VR mirrors the global landscape, where the technology is gaining traction but has not yet become mainstream.

Live Dealer Games

Live dealer games are another area where technology is transforming the gambling experience in Ireland. These games bridge the gap between traditional brick-and-mortar casinos and online platforms by allowing players to interact with real dealers through video streaming technology.

Live dealer games are immensely popular globally. Many Irish online casinos offer these games, attracting players who enjoy the real-time interaction and authenticity they provide. Other countries, like the United States, United Kingdom, Australia, and Malta, have also seen a surge in live dealer games, making this a global trend.

Conclusion

Ireland’s gambling sector is experiencing rapid growth, driven by advancements in online gaming, technological developments, and changing regulations. While smaller compared to larger markets such as the US and UK, Ireland’s industry remains competitive and progressive. The country’s regulatory environment is adapting to address contemporary gambling challenges, in line with top markets like the UK and Malta.