The Irish government is set to benefit from a 25m boost to the budget, following the agreement that a new online betting tax will be introduced into the country’s economy. The new tax has been spoken about at length since 2011, when Michael Noonan first became the Minister of Finance. Having promised to be far more stringent on the online gaming community when first appointed, it looked like these new rulings will finally be coming to the Republic soon.
It’s estimated that Ireland spends roughly €1.6bn on gambling every single year, but a huge amount of that money leaves Ireland due to the fact that many companies that Irish players use are based in Gibraltar. Gibraltar has much lower tax rates, especially when compared to Ireland. This lets a lot of that money slip out of the Irish economy.
Targeted at the companies rather than the players, the idea is that will cause a significant change t to the way that Ireland is targeted by foreign bookies. Now, companies will need to apply for a license to advertise in Ireland, and will have to pay tax to the Irish government based on this. Because of the huge amount of gamers within Ireland, this is likely to be met with little resistance by big gaming companies.
This could bring in up to €11m in investment for ailing parts of Irish sporting economies like the horse and greyhound racing tracks which have fallen into disrepair all across Ireland.
As the Irish government looks to create a situation that allows for bookies based domestically facing equal challenges to other bookies that were cutting in on the tax threshold required, there looks to be a far more level playing field for bookies that want to benefit from the thriving Irish gambling and online gaming scene.
While it might sound strange to some, in Spain there is a window that allows companies to register to allow Spanish residents to play on their online gaming websites. While this means that those on the list were fine, those left off the list need to do without. This list re-opens periodically to allow new entrants to Spanish society, and those in better financial situations, to sign up and become eligible to showcase their services online again. The market is going to be under from the 1st November until the 8th December and it’s estimated that there could be as many as twelve new investors in the Spanish gaming scene.
Licensed vendors currently need to re-submit their application, as well, or risk being revoked. The Spanish market is one of the most difficult to get involved in for investors because they are very delicate about how comes in and out, because of the precious financial situation in the country. Therefore, many investors are turned off by the idea of investing in Spain – but more and more are beginning to come around to a new way of thinking.
As the Spanish financial situations looks set to plateau for a while, many companies are looking to break into a market that could be on the verge of exploding once again. Although at one stage a thriving betting market, Spain today is far weaker than it was once due to the extensive regulations placed on big name bookies, which have since left.
With these new additions to regulation, though there may be a higher scope for the quality of bookmaker coming in – as well as the volume – to help boost the economy slightly and improve competition within the online gaming circuit for years to come in Spain.
In 2009, Australia finally opened its doors to the betting market once again. It allows the introduction of foreign competitors for domestic bookies and betting industries, and this creates a massive shockwave throughout the whole of the betting world in Australia. Within a short space of time, controversial bookies Paddy Power had got involved with Sportsbet and were quickly in the front door. Ladbrokes bought up BetStar and Gaming Investments, and instantly the market had some genuine foreign competition for the first time.
Today, the market is overwhelmed by foreign investors looking to cash in on the Australians who have a strong love for gaming – especially online. William Hill, for example, picked up three companies within a short space of time, and were shortly followed by Bet365 and their audacious Samuel L Jackson advert. Next on the line was Swedish outfit Unibet, and today you have a market that is overwhelmed by selection and style.
However, the Australian betting boom is no surprise – as the country with the highest annual gambling losses in the world, with around $1,037 per resident of the country. This is a country that loves to bet and take a chance, and you can see that in the way that the market has reacted to being opened up to foreign investment.
With such a country that is always prepared to put its hand in its pocket for a thrill and the potential for big winnings, there can be little surprise that the Australian market has been capitalized on so ruthlessly since it first opened its doors.
With just about every betting company in the country doing well at the moment with the majority running on operating profits, it’s safe to say that the average gaming losses won’t be going down any time soon in Australia! Paddy Power have been arguably the biggest winners, with some massive investments coming from their end of the market to try and make sure they capture it for the foreseeable future.
It looks like the future of gaming in Australia is only going to grow.
Many countries across the globe are beginning to take a firmer and more professional look into their online gaming laws, and how they can be adjusted to provide a fairer reflection of the sport itself. Malaysia is the next country in a long list to do so, and have started to put together a new format that could, in the future, lead to a new era of online gambling and betting within the country.
Malaysia is rife with illegal gambling problems and a lack of leadership from the Common Gaming House & Betting Acts commission has not been sufficient to help protect those who play online at the moment. Illegal gambling centers have been broken down with regularity across the country n 2014 as it looks to crack down on the amount of people who are gambling within the nation through illegal channels.
However, because current regulation does not cover online gambling, many people are using a loophole in the market to enjoy a spot of gambling without breaking any rules. At the moment, a large section of gambling options are perfectly legal but many illegal methods are still practiced, causing a significant amount of friction between the authorities and gambling commissions.
Sport betting is banned in just about every form other than horse racing, and this is where the vast majority of gambling fraud takes place – as well as black market gambling activities.
Hopefully, a more balanced solution can be found quickly.