Ireland Could
Benefit from US Online Gambling Ban
July 11 - As the old saying goes, 'Irish eyes could be smiling'
with news that an Irish government committee, that was set up
two years ago, has concluded that Ireland may benefit greatly
from becoming an online gambling-friendly jurisdiction.
After its lengthy review, the committee that was formed to
investigate ways of improving the country's casino and gaming
regulations, said that Ireland could benefit greatly from the US
online gambling ban, by becoming a safe haven for online
gambling firms.
Part of the committee's report said that the United States
prohibition of payment mechanisms for online gambling related
websites that was introduced in October 2006 (which equates to
an online gambling ban), presents something of an opportunity
for Ireland.
The country could become an online gambling-friendly centre of
excellence for online gambling companies looking for a new base
of operations, who prefer not to be based in current online
gambling jurisdictions like Antigua and Barbuda or
Costa Rica etc.
More importantly for Ireland, an online gambling boom would
give the country a dramatic economic boost, as it would attract
plenty of foreign investors, particularly in the IT sector. In
addition, a low corporate tax rate would help to attract large online
gaming companies.
However, the committee did agree that if legalized in Ireland,
its online gambling industry would need to be closely controlled and
monitored to prevent an increase in problem and underage
gambling. It also said that it would seek to keep sports betting
and casino gambling separate.
The committee recommended that legalised and licensed online casinos
should have to pay a higher rate of tax than the 1 percent of
turnover currently applied to Irish bookmakers.
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