Reports Reveal Ireland Is Among Worst Gambling Nations In Europe
New reports from industry analysts has revealed that Ireland is among the worst gambling nations in terms of annual losses and a lack of stable regulations. The report conducted several surveys and crunched industry data to theorize the reason behind the lack of stability in the Irish market. The findings of the report have been shocking to say the least and an article in The Irish Times lead to a massive wave of media coverage. The government are now set to act against the failing gambling industry in an effort to stabilize the dynamic market and prevent collapse.
Industry reports suggests that Irish gamblers are among the worst in Europe, losing over a billion dollars on betting sites during 2021. The government is deeply concerned over the latest figures and is set to introduce new emergency measures to rectify the current losing streak of the betting industry. ©Jonas_Fehre/Pixabay
According to the revealing report, Irish gamblers lost over 1.2 billion dollars last year on betting sites and has marked them as one of the least successful betting countries in the world. They are currently the fourth worst in Europe, only Malta, Sweden and Finland are ahead of them with the UK just behind. The average net loss for each individual is roughly $300 which is a shocking statistic considering the $31,000 average yearly salary and inflation causing the cost of living to increase.
Nevertheless, the Irish government are appalled with the current figures and are hoping that they can issue new regulations to combat the financial loss related to the gambling industry. They must be careful however, to put aggressive restrictions on land-based/online casinos could be detrimental to the landscape and many brick and mortar businesses are already struggling due to the financial impact of the pandemic. Government ministers will meet next week to decide how they should approach the problem and discussions in parliament are currently underway on how to treat the annual loss figure.
The statistics presented in the report indicate a major shift away from traditional land-based gambling with many consumers choosing to switch to an online format. This has been exacerbated by the pandemic closures, forcing users to stay at home and play online, but for general convenience and ease of use, online betting has eclipsed brick and mortar establishments. The frustration among government officials means that they have begun a thorough investigation into the findings of H2’s report as it doesn’t reflect well on the current administration.
Reports from the European Gaming and Betting Association indicate that online sports gambling is the most popular form of betting in the current industry landscape. This has a direct effect on casinos and other physical businesses as large portions of the customers base are switching focus to online pursuits. Consumers can easily access online gambling features through mobile phones and this has become the most common medium for gambling activities. This is greatly concerning news for the land-based casino industry as it struggles under the economic pressure of the pandemic.
The Current State of the Irish Betting Industry
Several MP’s have described the Irish gambling industry as a complete disaster which lacks any coordination or quality leadership. The standards are ridiculously low for a country with a very prominent gambling scene. The market has remained unregulated for quite some time and the government has done almost nothing to intervene, not until now at least. The first step is to improve the current regulatory board in charge as it has been largely ineffective at guiding the industry through the turbulent times of the global pandemic.
Compared to the rest of Great Britain, Ireland has little to on officiating taking place which has greatly concerned the rest of Great Britain. The government promised a gambling law overhaul back in June 2021 and since then not much has changed and now citizens and other institutions are calling for an immediate investigation into the complacent actions of officials.
