Ireland's Prime Minister, Brian Cowen, reportedly stated that he knows how the country can boost their horseracing industry caused by failing attendance to the racetracks in recent years. Similar to what the Americans did when introducing pokies to the horseracing venues, the Prime Minister aims to change online gambling regulations and draw revenue from taxing this business sector.
The country has been reviewing its gambling limits for a while now. Online gambling operators are advised to keep their eyes and ears peeled for new regulations to appear soon.
"Such betting must be brought within the tax net, not just because it will increase revenue, but also because it will mean that those currently not contributing to securing the future of important indigenous industries will now make that contribution," Prime Mister Cowen stated.
This of course can mean that it might be more efficient for online operators to base their business off-shore and conduct their activities at a distance. This is not necessarily good news for Ireland since the gambling industry does provide plenty of job opportunities and create significant revenue from the country from taxes.
But, if the taxes are to increase, as is the case with other European countries, the said operators might just pick up their toys and settle somewhere else. When the UK started implementing higher taxes for the online gambling sector, quite a few businesses moved their headquarters to Gibraltar.
Still, with the prospect of €90 million in revenue that could be gained in the wake of installing such regulations, the country is quick to settle the issue. This income would also help boost the dying off horseracing companies that are looking at a steady revenue decline in recent months.