Several factors have made Ireland an attractive destination for online casino companies. As a result, Ireland has become a leading hub for the online gambling industry.
Between Ireland’s skilled workforce, the well-regulated online gambling industry, their strong reputation as a business-friendly country, and their favorable tax regime for online casinos, it’s no wonder these businesses flock there.
The Legal Framework for Online Casinos in Ireland
The Gambling laws in Ireland are designed to protect consumers and ensure that gambling is fair and honest. Some key aspects include:
● Only those over 18 can gamble
● Companies must comply with the rules of advertising and marketing
● Companies must be licensed by the Irish Revenue Commissioners
● Must protect players’ funds
● Take steps to prevent gambling addiction
Fair and honest gambling sites has an appeal. Check out the Online casinos in Ireland we have already experienced for yourself.
Licensing and Regulation
The government of Ireland established the Gambling Regulatory Authority of Ireland (GRAI) that’s responsible for regulating gambling in Ireland. Not only does this entity help create the key aspects of the laws but it’s their responsibility to investigate gambling companies, to issue fines, and to revoke any licenses.
Licenses are acquired through the Irish Revenue Commissioners by submitting a business plan and financial resources. Once reviewed and the application accepted, the business must comply with the following:
● Pay a fee
● Have a valid business plan
● Adequate financial resources
● Comply with all applicable laws and regulations
● Protect players’ funds
● Take steps to prevent gambling addiction
● Submit to an inspection of premises and systems to ensure they’re complying with all the conditions of a gambling license.
Ireland’s Business-Friendly Environment
Ireland’s government is pro-business and committed to maintaining Ireland’s status as a business-friendly country. It offers several incentives to businesses, including grants, tax breaks, and financial support to maintain a good relationship.
Ireland’s Corporate Tax Rate
Ireland’s corporate tax rate remains incredibly appealing to businesses. At 12.5%, it’s one of the lowest in the world. The average corporate tax rate in other members of the European Union is 21.7% and the average corporate tax rate in the OECD (Organisation for Economic Co-operation and Development) is 24.9%. The incredibly low rates attract investment and create jobs in the country. Those jobs are filled by a large pool of highly skilled workers that can work in a wide variety of industries, including online casinos.
Technological Infrastructure and Support
Being a global business hub has its benefits and not just for Ireland. Online casino companies can benefit from the concentration of cloud computing centers, big data centers, and blockchain technology. The technological infrastructure helps online casinos with security, maintaining fairness and trust, maintaining transparency, keeping themselves convenient to their players, providing a variety of games, and maintaining good socialization that keeps people coming back.
Clustering of Tech Companies in Ireland
Having so many tech companies in one place has an almost endless stream of benefits when it comes to locating an online casino company.
● An endless stream of skilled workers the casino can draw from including software engineers and data scientists
● Network of support services including cloud computing providers and payment processors
● Creates a culture of innovation that the casino companies can tap into
Tech Companies with Bases in Ireland
● Google’s European Headquarters
● Facebook’s European Headquarters
● Microsoft
● Apple
● Dell
● Intel
● Cisco
● LinkedIn European Headquarters
Ireland’s Reputation as a Gaming Hub
All the benefits mentioned previously have drawn gaming companies to Ireland beginning in the early 2000s. With a long history of innovation in the technology sector it made it easy for online gaming companies to set up their operations in Ireland and to tap into the country’s pool of skilled workers.
When Ireland became a member of the European Union, this gave online gaming companies access to a larger market of potential customers.
The industry is only expected to grow, and Ireland is well-positioned to benefit from this growth.
Industry Events and Networking Opportunities
There are several gaming events and conferences held in Ireland each year. Some of the most popular of these events include:
● Gaelcon: Ireland’s largest gaming convention
● Dublin Game Developers Meetup: a regular event that features presentations, networking, and social events
● Ireland Game Jam: an annual challenge to create a new game in 2 days
● Irish Game Developer Conference: professional conference for game developers featuring presentations, networking, and workshops
● Game Developer Ireland: offers resources, funding, training, and networking.
All these events provide a platform for online casino companies to network and find potential partners, developers, and new ideas. They can learn about the latest trends in the industry to further their own brand and can showcase their own products to generate leads. They can find out the latest trends in digital technology and how that will affect their business.
Challenges and Future Prospects for Online Casinos in Ireland
The online gaming industry in Ireland is heavily regulated and they must comply with regulations on player protection, fairness, and transparency or lose their license. The industry is highly competitive, but if they use the resources around them well, they can rise above.
While the corporate taxes are low, there are additional gambling taxes in Ireland that will cut into profits.
The technology available and the constant advancement made when it comes to tech and software provide the online casinos in Ireland with knowledge and networking that they won’t find anywhere else. The potential for growth and evolution is great and at their fingertips.
Conclusion
Ireland’s business-friendly attitudes and incentives are appealing to many businesses, especially online casinos. With the concentration of tech companies all in one place, in a country that favors business and their success, it makes sense that so many online casinos are drawn to set up their base in this country. With the growth in popularity of online casinos, Ireland benefits greatly from their business and welcomes gaming companies to join the dearth of technology already present.