Gambling revenues in Ireland have steadily been increasing over the years. According to the Irish Post, the liberal gambling legislation in Ireland facilitates a wide range of betting options, spanning online slots, bingo, poker, casinos, and sports betting. The most up-to-date breakdown of gambling revenues in Ireland is as follows:
- €8 million from bingo
- €65 million from casinos
- €134 million from gaming machines
- €220 million from online gambling
- €315 million from land-based betting
- €310 million from lotteries
By far the fastest-growing sector of gambling in Ireland is online gambling. This was legalised in 2015, but it has experienced meteoric growth since then. Many pubs across Ireland have been working feverishly to convert the premises into amusement arcades with gaming machines. Yet despite this, it is the online gaming industry that is showing robust growth. Many Irish players play at real money online casinos, and this trend is increasing at a rate of knots.
Government Cashes in On Casino Windfall
The Irish government charges heavy taxes known as betting duty on exchange revenues, now at 20%. These increased taxes are expected to generate additional revenues of €40 million for the government. In 2019, the Irish economy was growing at a steady clip, six times quicker than the European average. At the time, the Irish gambling industry featured 850+ betting shops employing 7000+ workers. Naturally, tax hikes have a negative effect on employment numbers.
According to the stats, there are some 40,000+ physical slot machine terminals across Ireland, and the local appetite for online slots is equally strong. Many international brands are distinctly Irish, and they have deep roots in multiple markets around the world. It appears that Irish folklore is revered around the world, with leprechauns, pots of gold, rainbows, four-leaf clovers, pints of ale, and traditional melodies too. Indeed, the Irish propensity for gambling is alive and well.
Ireland Comprises a Growing Percentage of the Lucrative European Market
While the European gambling market is huge by comparison – €80 billion per annum in spend – Ireland at €1.1 billion in revenues per annum is robust, and growing at a steady clip. Land-based bookmakers are shrinking rapidly, from well over 1,365 in 2008 to around 947 in 2015. Gross gambling turnover in Ireland totaled €2 billion in 2017, and by 2021, the Irish Times reported that up to €10,000 per minute was spent in Ireland on online gambling. The numbers are rising at such a furious pace that it’s difficult to ascertain reliable data.
Since 2018, the gambling authorities of Ireland have issued an average of 32 licences for gaming machines every year. The annual value of the gambling market in the country is estimated between €6 billion – €8 billion spend annually. According to national statistics, in 2019, some €9.8 billion was spent on gambling activity, which is substantial given a population of just under 5 million people. Of all the gambling activities in Ireland, the majority was spent on gambling machines, bingo, and casino, including live casino. A large minority was spent on horse racing activity and other types of sports wagers.
The stats show that gambling spend is increased by €2.9 billion over 5 years (through 2019), and by 2024 if that trend continues, Ireland’s gambling industry could generate €12.7 billion. The Gaming and Lotteries Act of 1956 is slated to be updated, and if lawmakers get their proposals through, there will be strict limits on betting at €0.03 and maximum payouts of €0.50 per gaming machine. It is these gaming machines that are regarded as the highest risk element among Irish players, although these legal proposals remain up in the air.
