With changes coming to Irish betting regulation, many regular gamblers are wondering what this is going to mean for them. Ireland isn’t the only country to look at the effects of online gambling, as New Jersey in the USA has recently passed regulations on the past time. What can Ireland learn from their sports betting regulations, and what does it mean for those who enjoy the odd bet?
Potential Irish Betting Regulations
Right now, Irish betting is mostly self-regulated. This has been the case for decades, and until now it has seemed to have worked. However, new regulations are being proposed, mostly thanks to the introduction of online gambling.
Online gambling has become more popular than ever before, especially thanks to the rise of online sportsbooks after the pandemic. With so many people only being able to bet online because they couldn’t get into their favourite bookmaker, you can see just why online the betting became the go-to method. Bookmakers like bet365 operate in Ireland and NJ and are exposed to regulations in both districts.
With this huge change in betting behaviour, the Irish government has proposed several changes to the industry to more tightly regulate it. They are mostly concerned with those who are considered vulnerable, such as a children and those who struggle with problem gambling.
As such, these regulations are looking to restrict how these companies advertise their products, as well as how they bring in new members. For example, all social media advertising for betting sites would be banned, with people having to opt in to advertising for any gambling product. There would be the restrictions on the inducements that companies can give new members for signing up with them as well. This includes things like welcome offers and deposit deals.
Regulations In New Jersey
So, what do the potential Irish betting regulations have to do with regulations in New Jersey? It is interesting to compare the two, as in New Jersey the regulations were made back in 2011, so we can see how they have affected betting in the area.
Gambling is incredibly popular in the state, even after restrictions were made. The bill passed in 2011 allowed online gambling by any resident over the age of 21. When the bill was revised in 2013, it’s legalized online casino gambling, but only for a 10 year trial… It also restricted the operation of those websites to the 11 casino is currently located in Atlantic City.
The bill also looked at messenger or proxy betting. This is the practice of placing a bet for another person, and it is illegal in New Jersey. However it is still happening, even with online sports books. That is why new revisions are being made to the bill, to prevent this from happening. These revisions are requiring online sports books to use multi-factor authentication, to make it much harder for other people get hold of somebody’s account.
The Result Of Current Legislation
What is interesting about the legislation passed in New Jersey, is the fact that it has shown to actually be detrimental to the overall economy of the state. While there has been a massive boom in online gambling, it has come at the cost of other industries.
It is estimated that $2.4 billion has been spent by New Jersey residents gambling online. While that appears to be a massive boom to the economy, it is actually decreased the economic activity in the area by about $180 million.
This boom has happened, even with those tighter restrictions placed by the government. That is something that Irish legislators will want to look at carefully. The Irish bill being proposed is arguably much stricter than the New Jersey one, but some are wondering if this would only lead to more interested online gambling overall.
However the Irish legislation is more focused on protecting individuals, rather than the economy at large. As such, if it does come into being we may not see identical results.
While the New Jersey legislation on online betting may not have worked as intended, it does not automatically mean that Irish legislation will do the same thing. We may well have to simply wait and see on this matter, to see how Irish legislation helps those who take part in online betting.
