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Best of Irish luck for online gambling industry

United States may be instituting laws against online gambling but Ireland sees the online casino industry as an opportunity to create much needed jobs and boost the economy.

Ireland’s Gaming and Leisure Association has asked the government to pass legislation that will draw online casino operators to Ireland. It says that favourable legislation for online gambling will create an estimated 10,000 jobs in the IT and financial services sectors as well as support services such as accountancy, taxation, advertising and legal services. The report says that regulation of online gambling could generate in the region of $68 million per year.

Should the US follow the Irish example, jobs and revenues would be 100 times more than those estimated for Ireland. But in the US there is strong resistance to gambling in some sectors of society. These are mostly on “moral” grounds and even with recession on the horizon and unemployment figures rising, the attitude is not about to change.

Previously Ireland allowed its residents to participate in online gambling and without the necessary regulations, some online gambling operators have taken advantage of the unsuspecting consumers. With the proposed regulations in place, online gambling will become that much safer for the Irish public.

Online gambling operators would be very pleased to move their operations to a country like Ireland where skilled IT staff and a well-developed IT infrastructure is readily available.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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