New Irish Gambling Law Can Cause a Hike in Money Laundering

Recently updated on July 23rd, 2019

The Irish Independent regulators fear that a likely growth brought to the wager permitted on electronic betting machines can promote a rise in money laundering. Teacha Dala (TDs) sees that the suggested bigger gambling machines were brought in because of the new Irish Gambling Law. This means that people can make larger wagers and hide the money which they make illegally. The public met with the National Lottery to raise their concerns on the matter.

According to reports, Oireachtas associates were given a presentation. It shows members of the National Lottery troubled that the Irish Gambling Law would bring harm to its games. The National Lottery summoned the government to not allow gamblers to wager on its games with local sportsbooks. They say that the games result in revenue losses which can fund good causes. The plan under which the betting stakes offered electronic gaming terminal has requested the Gaming and Leisure Association of Irland to connect with TDs. This is because they are in distress regarding the proposal.

Ireland Has the Biggest Betting Losses

The terms of the Irish Gambling Law (Gaming and Lotteries Bill) would show the machines wagering states increase.  The initiated amendment under the increase was retracted before the Dail went on its summer break. However, it will be revised in September. The GLAI contacted the Irish TDs with a letter stating that it found the rise of the wagering stakes very worrying. The Gaming and Leisure Association said the growth of gambling machines money means customers are not protected. In addition, money would be stolen.

Sean Sherlock has shared their views and feels that the stake is too much and can motivate risky gambling activities. On the flip side, the National Lottery is interested in the project that will enable charity lotteries. They also want to make sure that the authorities prohibit bookmakers from benefiting from National Lotteries Games.