Will Ireland be the Next Country to Capitalize on Online Gaming?

A government committee in Ireland recommended that the Emerald Isle should reform its outdated gambling laws and benefit from the ban on Internet gambling in the United States.

The committee, established by the Irish government in 2006 to review how that nation might better regulate gaming and casinos, said: "The recent United States prohibition of payment mechanisms for gambling online, presents a window of opportunity for Ireland."

The Irish committee said blocking Internet gaming along the lines of the U.S. ban presented numerous difficulties. Instead, they proposed discussion with Irish Finance Minister Brian Lenihan regarding "possible competitive taxation rates."

Ireland's low corporate tax rate is a key factor in its ability to attract foreign investors. "Should this opportunity be grasped within the appropriate timescale, Ireland, as a gaming friendly centre of excellence, can reasonably expect to attract a reasonable portion of this dynamic industry," the report said.

In other words, while the United States has the weight of UIGEA dragging it down and is leaving billions in revenue uncollected by its failure to license and tax online gaming operators, the Irish government is positioning itself to make hay while we’re asleep at the switch.