Irish authority is establishing a Social Impact Investment Fund.
A regulatory body is asking for feedback from individuals battling gambling issues and organizations focused on gambling addiction services, by means of four questionnaires. This initiative stems from the Gambling Regulation Act, which was passed by the country's parliament in October and governs the newly established foundation.
The foundation will receive financial support through a special tax imposed on gambling operators, but the exact percentage of revenue the companies will contribute has yet to be decided by the Ministry of Justice. A relevant example to draw upon is the UK's approach, where the levy set for most online operators amounts to 1.1% of their GGR.
The method employed in Ireland mirrors the UK's, albeit specifics about the Irish levy structure remain unclear. In the United Kingdom, the statutory levy is designed to fund research, prevention, and treatment for gambling-related issues. Rates vary based on the type of gambling; for remote and non-remote pool betting, operators contribute a rate as low as 0.1% of their GGR[1]. The exact rate for each operator is determined through regulatory returns to ensure accurate calculation of the levy amount[5].
The levy is expected to generate approximately £100 million annually for those purposes[4], with payments due annually, starting from September 1st, and payable by October 1st[5]. Factors that could influence the setup of similar levies in other countries include the rate and purpose of the levy, payment structure, and enforcement mechanisms for non-compliance. More detailed information would be required to delve into the specifics of a levy in another nation.
- The regulatory body's questionnaires are seeking feedback from individuals with gambling issues and organizations focused on gambling addiction services, as part of the Gambling Regulation Act's initiative to govern the foundation.
- The foundation will receive financial support through a special tax imposed on gambling operators, in a manner similar to the UK's statutory levy, but the exact percentage of revenue the companies will contribute hasn't been decided by the Ministry of Justice yet.
- In the UK, the statutory levy is designed to fund research, prevention, and treatment for gambling-related issues, with rates varying based on the type of gambling, and remote and non-remote pool betting operators contributing as low as 0.1% of their GGR.
- As with the UK, details about the Irish levy structure are not yet clear, but the UK's levy generates around £100 million annually for gambling-related issues, with payments due annually from September 1st, and payable by October 1st.
