Ireland’s gambling industry is not prepared for the new rules covering the sector, according to a recent survey by business-law firm Mason Hayes & Curran (MHC).

The survey was carried out at among 145 attendees at the firm’s webinar on gambling reform in Ireland.

Only 17% of respondents feel prepared to implement the new legislation, with just over half still making preparations, and almost 30% yet to begin.

The event focused on the new regulatory requirements that will affect Ireland’s gambling landscape, and looked at their potential impact on industry stakeholders and the wider community.

Enforcement

Stricter regulatory enforcement is seen as the most challenging aspect of the new reforms (46%), followed by higher compliance costs (39%).

According to MHC, the survey also highlighted a split in opinion on the legislation's stringency, with 53% viewing it as too strict, and 47% considering it not strict enough.

Dermot McGirr (partner at MHC) commented: “The results highlight some understandable apprehension in the industry around the establishment of a new sector-specific regulator, the Gambling Regulatory Authority of Ireland, and all that entails.”

McGirr cited the new and more detailed process for obtaining a licence, and the regulator’s ability to impose strict licence conditions, as well as other new investigation and enforcement powers.

Revenue fears

According to the survey, 43% of respondents believe market competition will decrease under the new regulatory regime, while 37% fear a decrease in revenue will be the main long-term effect.

Liam Flynn (MHC partner and head of financial regulation) described the figures as painting a picture of “an industry at a crossroads”.

“While there is a clear consensus on the necessity of reform, there's an equally clear signal that more clarity is required on the impacts of the new regime,” he stated.