
Foreign businessmen who want to
open a company in Ireland as a
betting agency must know that the
betting industry represents the
largest sub-segment of the gambling activities developed in this country. This is applicable for both traditional businesses (
brick-and-mortar companies) and for
online betting activities.
The most developed
betting activities carried out in
Ireland refer to
retail and online bookmakers, but
betting operators are also very well represented by
betting intermediaries. When
opening a business as a betting agency, it is necessary to obtain a license, as prescribed by the latest version of the
Betting Act.
This is the main rule of law which regulates this sector;
our team of specialists in
Ireland company formation matters have the necessary expertise in obtaining the required documents and foreign businessmen may address to
our representatives for professional advice on the issuance of the necessary documents following the applicable legislation.
What are the main regulations prescribed by the Irish Betting Act?
The
Betting Act 1931, the main rule of law which regulates the activity of
betting agencies in Ireland, was amended in 2015, by including new regulations concerning the activity of
remote bookmakers (operators carrying their business activities in the online environment). The latest version of the legislation prescribes new rules for
businesses set up in Ireland, as well as for
international betting agencies wishing to develop a business activity here and
our team of consultants in Irish company formation can assist on the following:
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• in the case of betting agencies that are not residents of Ireland, it is necessary to apply for a certificate with the Ministry of Justice and Equality;
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• such betting operators are also required to place an advertisement in two national newspapers announcing the intention of obtaining the required license (Certificate of Personal Fitness);
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• the requirement is applicable to both terrestrial and remote (online) betting agencies;
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• in the case of betting agencies incorporated in Ireland, the application should be made by the person who is in control of the company, as prescribed by the Taxes Consolidation Act (Sections 11 or 432).
What is the size of the betting industry in Ireland?
According to the data provided by the Office of the Revenue Commissioners, 2016 represented an important year in terms of revenues of the betting industry, accounting for EUR 5,07 billion (compared to approximately EUR 3 billion in 2015). At the moment, brick-and-mortar betting agencies represent the highest share of the market.
In 2016, the revenues obtained through
brick-and-mortar betting agencies accounted for EUR 2,81 billion. More details concerning this subject can be provided by our team of consultants and investors are invited to
contact our Ireland company formation specialists for advice on the
registration procedure.