New Irish Regulator Given Significant Powers
The new Irish regulator has been given powers that will enable it to issue fines of up to €20m. The new regulatory body will have full oversight and will take a no-nonsense stance ahead of the licenced industry launch in 2023.
New Irish Gambling Regulator Given Sweeping Powers © Pixabay.
Online bookmakers licenced by the Irish regulator could be fined up to €20m after the country’s new gambling regulatory body was given sweeping powers.
The Government’s General Scheme of Gambling Regulation Bill allows the regulator to issue fines when it feels it is “appropriate and proportionate” to do so.
If an operator is found to have broken the terms and conditions of its licence, the regulator will consider the company’s turnover during the timeframe of when the offence/s took place. The regulator will also take into account the cooperation and transparency shown by the offender.
Under the General Scheme of Gambling Regulation Bill, an individual found guilty of an offence could be fined up to a maximum of €20m. Operators or companies could receive a higher fine. The bills allow a fine or 10% of the company’s turnover, whichever figure is higher.
The Irish government has confirmed that all monies that offenders pay would go to the Irish exchequer, meaning the regulator will not benefit from sanctions imposed by the regulator.
The regulator can also take non-financial action such as revoking licences, seizing accounts and stopping a payment due to the operator.
The General Scheme of Gambling Regulation Bill envisages that the creation of the regulator will happen as soon as possible. Still, a deadline of 2023 is contained within the Bill for complete regulatory oversight to begin in the country.
The composition of the new regulator is known. It will consist of seven members that a CEO will oversee, which the Irish government will select. The appointed chief executive will serve a maximum term of four years.
To fund the CEO position, the Irish government has allocated €500,000 towards recruitment of the person who will drive the key objectives of the regulator. These will include ensuring that Irish gambling is fair and safe, tackling problem gambling, and preventing fraudulent activity.
One of the first tasks that the regulator will perform is drawing up a three-year strategic plan and reporting on progress towards this plan to the Irish government yearly.
The Irish gambling regulator will have a unique say in how operators function compared to other regulators. For example, they can determine the operator’s licence length, the maximum stakes that can be used and the types of prizes they offer.
Along with the power to licence operators, they will also collect licence fees. The cost of these licences varies and is based on several factors, including; the size of the operator’s customer base, the turnover, and the type of gambling the operator offers. There will be different licences for business-to-business operators and business-to-consumer operators.
Like the UK Gambling Commission, the Irish gambling regulator will create and maintain a central database of operators who have licences.
The new regulator will also have the power to create rules centred around gambling advertising. For example, the regulator could restrict advertising to specific times or restrict or censor any messaging and promotions used.
It would also be empowered to prevent business entities from having relationships with operators. So, for example, it could prohibit any sponsorship deals between gambling companies and Irish sporting teams, similar to the action Spanish authorities have taken.
Finally, they will create a social impact fund that would provide funds for research, education and treatment of those affected by gambling.
