Betting in Ireland, as it is everywhere else in the world, is a highly regulated industry and quite rightly so. With an estimated worth of over 66 billion US dollars in 2020, the market is expected to experience a compound annual growth rate of approximately 10% over the next few years, reaching over 140 billion US dollars by the year 2028 according to a report by market research and consulting company Grand View Research. This is mainly due to the proliferation of internet-enabled devices which has created a huge surge in new betting sites, compounded by the recent global pandemic which has seen customers move their activities onto a variety of digital platforms.
During the early 1990s and 2000s, with the online market still relatively new, many smaller new competitors entered the digital space and obtained market share from the larger, more established players. Over the course of the next decade or so, a lot of these smaller companies were bought and merged with the larger conglomerates which were then able to establish dominance over the online sports betting market as well as traditional brick and mortar establishments.
New Bookmakers entering the Irish market
In setting up an online bookmaker there are certain rules and regulations which an organisation must adhere to in order to comply with Irish licensing rules. These include obtaining a license and keeping it up to date with bi-annual renewals, applying for a Certificate of Personal Fitness for the individual or relevant officer in a partnership from the National Excise Office, registering for tax in Ireland in order to apply for tax clearance and of course paying any relevant duty based on annual turnover.
With a plethora of options to choose from including an increase in different sporting leagues and events, an array of websites to choose from as well as enticing introductory offers for new customers, it is no wonder the industry is going through a period of rapid expansion. A number of introductory bonuses for new customers to look out for include bonuses and free spins as well as other introductory gifts. The most reputable online sites will also offer various payment options including all the major debit and credit card companies, PayPal as well as prepaid cards and money transfers. However, customers should note that credit card companies normally exclude chargebacks on their cards when it comes to gambling purchases. The quality of the games and the software used to design them is also a worthwhile consideration when selecting an online gambling site as it is an indication of how seriously the company takes the whole customer experience. Sites that are poorly coded or have an inferior user interface should be avoided in favour of ones with a more customer-focused experience. For anyone new to the world of online gambling, it is also recommended that they start with simple games requiring less strategy in order to familiarise themselves with the environment before exploring any further. Like any leisure pursuit, the point is to have fun so taking small measured steps should only be encouraged.