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Online Gambling Can Create 8000 Irish Jobs

3/11/10 - Silicon Republic.com reports that Irish politicians who have been considering the licensing and regulation of online gambling for some time could be about to vote for legislative proposals that would see the creation of a regulatory system. That would be instrumental in attracting businesses to the country and may come about as early as end March, sources told the publication.
 
Such a development has the potential to create as many as 8 000 new jobs, according to DKM Consultants, which says that if Ireland were to put in place the right legal regulatory infrastructure, it could attract businesses that would create employment and drive tax revenue to the Exchequer.
 
DKM estimates that if Ireland were to capture just 5 percent of the global online casino business, it would represent a local sector worth Euro 2.2 billion and generate 5 000 to 8 000 jobs with an average salary of Euro 40 000 per annum.
 
Many of these jobs would be for internet experts, accountants and analysts. Such an industry would also have important knock-on effects in terms of demand for telecoms, data centres and energy services, not to mention local spending in the economy.
 
But, says David Hickson, director of the Gaming and Leisure Association, so far Ireland has failed to act and amend a dated 1956 Gaming and Lotteries Act which would open the doors to a thriving industry.
 
Hickson says the problem until now has been getting various cabinet ministers to sign off on the legislation, and he notes that time is a critical factor as other nations such as France and Spain press ahead with their own schemes to benefit from online gambling regulation.
 
Hickson points to the 600-job investment by Pocket Kings in Cherrywood, Dublin, which serves the global Full Tilt Poker website, as well as the 250-job investment by Paddy Power in November last as examples of what’s possible. Many of these businesses are sophisticated e-commerce ventures that could provide gainful employment to financial analysts, e-commerce experts and web developers.
 
“They will only operate in an environment that is regulated and licensed because they do not want to jeopardise their existing licences,” he noted, observing that a competitive tax rate would be vital along with regulation.
 
“Other countries realise the opportunity. France has introduced a gaming tax rate of 7.5 percent, the UK 15 percent, but it is seeking to change that. To be realistic Ireland would need to aim for a specific gaming duty of between 2 percent and 3 percent,” the gambling exec said.
 
“France is doing it, Spain is working on it and the UK is waiting on a new Finance Act. The international language of gambling is English and Ireland has an advantage. We are truly on the brink of something huge here,” Hickson opines.

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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