NetEnt Expected Better Results in Q2 [...]
Ireland Passes The Gambling Act 2015
- April 21, 2015 By Nemanja L. -
Republic of Ireland government has finally passed the new gambling legislation that is supposed to come into effect on 1st August 2015 following a number of unexpected delays.
The Gambling Act 2015 will introduce additional rules and legal framework for online gaming operators in an attempt to fully regulate the gaming market in the country.
Under the terms of the new bill, remote bookmakers and betting intermediaries are required to apply for a gaming license, and for a cost of €10,000, they will be granted an Irish gaming license for a period of two years.
Licensing Process Already in Progress
The licensing process started on 16th April and all applicants need to provide a certificate of “personal fitness” from the country’s police department before their application is reviewed.
The new rules mean that online gaming services (online casino, games and bingo) will be subject to 1% tax on gross gaming revenue, whereas online sports bookmakers will be obliged to pay 15% on net revenue rate, with the new taxation scheme planned to be in effect by 1st August.
Irish government plans a strong action on illegal gaming operators, with fines up to €300,000 in place for companies in breach of the Gambling Act 2015.
Online operators that are already offering their services to Irish customers have given a strong backing to the new legislation as they believe the taxes are completely fair, while they also hope to see the government take strict action on illegal operators that bite into their profit margins.
Previous Gambling Act in Effect Over 80 Years
It is important to note that the previous betting act has been in place since 1931 and while it did undergo minor changes of late, the law was by no means up to date and reflecting the numerous changes to the online gaming industry.
It is perfectly clear that the new regulation is long overdue and the Gambling Act 2015 is expected to finally license new forms of online gaming and ensures the country’s economy also profits from the ever growing industry.
In addition to regulating conventional bookmakers, the new legal framework will also cover internet and telephone bets as well as betting exchanges, with remote providers offering their customers to Irish punters subject to new taxation system.
YOU MIGHT BE ALSO BE INTERESTED IN THESE:
Australian Authority Investigating Illegal Offshore Gambling Sites [...]
Playtech Increases Its Market Presence in Portugal [...]