Two Irish banks will implement a voluntary gambling credit card block, according to a recent update from the Gambling Regulatory Authority of Ireland (GRAI).
Anne Marie Caulfield, GRAI’s CEO designate, said the regulator welcomed Allied Irish Bank and EBS’ plans to introduce a voluntary block feature on gambling-linked debit and credit card transactions.
It follows Ireland passing its landmark mark gambling regulation bill in October, putting the country on track to be Europe’s latest regulated market by 2025.
Caulfield said: “We are engaging with the Banking Payments Federation of Ireland and directly with pillar banks to encourage other financial institutions to introduce this valuable consumer protection measure.”
The GRAI will be responsible for providing oversight for the market and will be equipped with powers to impose fines of up to 10% GGR.
As part of this work, last month the regulator announced it was searching for qualified individuals to staff its seven-member board.
Caulfield added: “I have been leading a programme team working on establishing the structures that will enable us to be an effective, fit-for-purpose, independent statutory regulator on our establishment.”
GRAI prepares to regulate Irish gambling market
Preparations have included tendering contracts in HR, communications, finance and IT, as well as providing staff training on procurement, corporate governance and anti-money laundering.
Caulfield said GRAI has also undertaken further development work in its licensing and operational financial models to ensure it quickly becomes self-funding.
Caulfield also emphasised that establishing a licensing regime for operators is a priority, and as such, GRAI’s licensing team has had widespread engagement with other regulators and industry bodies regarding processes.
She added: “Recently we issued a call to gambling and gaming companies who are currently operating in Ireland, or who expect to do so in the future to register their interest in applying for an operating licence.
“This will help us to determine the level of applications we can expect once the new licensing regime opens in 2025. Codes of Conduct are also being developed for the sector.”