Gambling industry revenue to reach $1 trillion in 2022

22nd June 2022

Ireland players went through a lot in the past to finally get a proper regulator of the gambling industry. Rules and laws are going to be strict, but they will allow people to enjoy their favorite hobby in the safest way possible. It means that if the user would like to activate the Betwinner Promo Code, there should not be any problems with that anymore. One of the important things that were highlighted in the recent news surrounding the regulation of gambling activity in Ireland, is the fact that every company that will obtain the Irish Gambling License, will need to pay a certain percentage of monthly income to the “Social Impact Fund”. It will be a part of the new bill system for the Gambling Regulatory Authority of Ireland.

One of the most important news of the week is that Ireland will have its own organization that will regulate the activities of gambling companies. This is a very significant event for the entire industry, because according to a study by the British analytical company Juniper Research, due to the rapid growth in the number of organizations that regulate the activities of gambling companies in various countries of the world, the total income of the gambling industry should increase to $1 trillion by the end of 2022. Not that many people understand what is happening and why it is so important for regular gamblers.



Why is the gambling industry expanding?


It may look weird that the gambling industry has started to expand in recent years. There are a couple of reasons why so many countries, including Ireland, have started to regulate this type of business. The biggest reason is the rise of gambling addiction. Many people have problems with controlling their habits and the governments of all countries are trying to do their best to make sure that every casino will work in accordance with the responsible gambling initiative. This is why despite the rise of cryptocurrency casinos in Britain, almost every modern gambling platform will demand to complete the verification of personal data.

But it is actually a good thing for both the industry and players. Because regular gamblers can know for sure that they are getting the best possible level of service and they will pay not only for bets in games but also a certain percentage of taxes. This is because the gambling activity will be 100% legal. Here are other reasons why the new Gambling Regulatory Authority of Ireland is great for players:

  • Only people of legal age will be able to register and play in online casinos;
  • There will be much more official software for mobile users on both App Store and Google Play platforms;
  • Fewer scam schemes will be spread via social media due to the strict policy of gambling laws.

The legalization of online casinos in Ireland has been long overdue, as more and more young people with an average age of 16 have gained access to gambling by registering on suspicious sites. Now it will be much more difficult to find loopholes because real experts will monitor the activities of such websites.




When will the road to $1 trillion truly start?


In the early 2000s, it was hard to imagine the gambling industry ever hit 1 trillion dollars, but everything changed in 2013. Before that, players from the USA had to play on offshore sites, which, of course, many people did not like. After all, the number of functions was greatly reduced, and payment for services was carried out mainly with the help of various electronic wallets. But when the full-scale legalization of online casinos finally began in the states, the situation rapidly changed in a positive direction. This was noticeable in the increase in taxes and the proportion of people who became interested in the gambling entertainment industry. Now a way has been opened for them, within which they did not need to use any ingenious schemes, but could simply download an online casino to their mobile phone.

The trend gradually began to capture not only the United States but also other countries. Same Europe began with England and now continues to cover other regions. All this has opened up incredible opportunities for scaling. Therefore, the figure of 1 trillion is no longer so fantastic. Moreover, there are good reasons to believe that the amount of money in the industry will increase to $2 trillion by 2026.




Frequently Asked Questions with Answers


Are there any gambling operators in Ireland at the moment?


Yes, there are a lot of different gambling operators that work in Ireland right now and they are paying attention to how the situation will change for the local market after upcoming legislative changes.


What will be regulated first?


According to the prime minister of Ireland, they will focus on the advertising and KYC processes in each online casino or sportsbook. Because they want to make sure every gambler will be at least 18 years old.


Which casinos have brought in more money in recent years – land-based or online?


Online casinos generate much more money because they are available for all adult internet users within the region in which the gambling activity is legal.