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:
- • 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;
- • 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);
- • the requirement is applicable to both terrestrial and remote (online) betting agencies;
- • 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).
You can rely on us if you want to apply for trademark registration in Ireland for the business name of your company.
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.