The gambling market continues to expand in many countries, and that’s especially true for a country like Ireland. While some countries face a variety of struggles when it comes to keeping bookmakers afloat, there are other regions where the gambling market is thriving, or at least it’s seeing very significant growth.
The Irish betting market size is steadily growing
According to Statista, the current Irish gambling market is worth around $315.80 million. However, projections are showing a 3.22% growth until 2029. At that time, the gambling market has the potential to reach $389 million or even surpass that number. The annual growth rate of 3.22% is unprecedented for many countries. However, in Ireland, the industry has been on a steady climb.
In 2017, the market was worth $220 million, and since then, the figures continued to climb to the $315 we saw in 2023, with a projection of 332.80 million in 2024. Even for Ireland specifically, the number of expected users is set to reach 523k in 2029, or even surpass that number. This growth can be seen with the largest Irish bookmakers in 2024 seeing revenue figures hit billions of Euro.
At this time, the user penetration is 8%, but in 2029 it will reach around 10%, a significant uptick when compared to the 7% from a few years ago. There will be a shift in the revenue change, where the revenue per user might see various shifts. But it still shows that the industry is steadily growing and expanding. That does set the tone for some great benefits when it comes to UK bookmakers coming to Ireland in an effort to expand their business.
Ireland will bring significant betting regulation changes
The new gambling bill in Ireland will bring significant changes to how gambling operations are handled within the country, but also how they will affect users going forward. The new Gambling Regulation Bill had its inception in 2022, but it still hasn’t been implemented, although the focus is on implementing it before the end of the year.
Within the new set of regulations, the focus is on security and addressing things like problematic gambling or gambling addiction. The advertising of gambling services is also restricted between 9 PM and 5.30 AM. Aside from addiction, the bill is also trying to remove child/teenager exposure to anything related to gambling.
Additionally, with this new Bill, Ireland establishes the GRAI, which will help regulate any of the gambling companies that will offer services in Ireland. That’s important, because there was no regulatory body within the country. In fact, the country had regulations that were decades old, and in need of a complete revamp. Within the new bill, there’s also more focus on enforcing rules via internet service providers to block access to gambling sites not adhering to the local laws.
What does that mean to UK-based or international bookmakers that want to offer their services within the country? That is still a possibility for them, and they need to comply with the local rules. That also means the gambling companies must perform their due diligence, and ensure they are compliant with the new rules set established by the gambling bill. Otherwise, the GRAI can remove their license and that means they will not be compliant anymore. That can lead to a loss of userbase and, inherently, a loss of revenue.
Why should gambling companies enter the Irish market?
Gambling has always been a major phenomenon in Ireland, and it continues to expand a lot more than expected. The user penetration rate is higher than ever, and Ireland continues to appeal to a lot of people, especially under the current, older gambling regulations. While the new rules set in regards to gambling will be a bit more restrictive, it will also help mature the market and bring it to the modern era.
Regardless, there are plenty of money to be made in Ireland, since there is a great culture formed around the idea of gambling. There are a plethora of local events that appeal to gamblers not only in Ireland, but in the UK as well. Plus, there’s plenty of support for UK-based bookmakers to enter the market and provide their services here. It also helps that many local gamblers are choosing to bet on UK-based events, so having UK bookmakers entering the market can help facilitate that even more so.
Another thing to note is that the gambling market is very large in Ireland, but it’s also consistent. Despite regulatory changes, the market continues to be on the rise and it sees constant growth. That offers more stability for UK bookmakers, because not all markets see growth. If anything, certain gambling markets are in decline worldwide, with Australia and Denmark being prime examples, among many others.
Within that spectrum, gambling companies need to value growth and steadiness, which can be difficult to access in an uncertain market. And with the Irish gambling market seeing consistent growth, that does make it more appealing to gambling organizations and businesses which provide that kind of service.
Are there any challenges?
The fact that Ireland is bringing its modern, newer regulatory compliance is set to offer a great array of challenges. There’s also market saturation and the need for bookmakers to provide something new and fresh in order to stand out. Plus, they have to comply with new rules regarding personal security, social responsibility and addiction. Despite that, the industry continues to see consistent growth, and these rules are not as different to what happens in many other countries all over the world.
Conclusion
Are there money to be made in Ireland when it comes to the gambling market? Yes, the industry continues to grow, and according to estimates, the growth pattern will stay consistent towards the end of the decade. That inspires trust in the eyes of UK bookmakers that want to expand and reach a new, consistent market. It’s a great opportunity for bookmakers to expand their userbase, boost their profit margin, but also focus on growth in the long term. Plus, having more bookmakers coming to the market can also help boost its profitability and enhance the total revenue, even if there are new regulatory changes coming soon!