Irish Banks Introduce Gambling Credit Card Block

GRAI’s Oversight and Preparations for Market Regulation

Anne Marie Caulfield, CEO designate of GRAI, welcomed the initiative and highlighted ongoing efforts to encourage similar measures across other financial institutions:

“We are engaging with the Banking Payments Federation of Ireland and directly with pillar banks to encourage other financial institutions to introduce this valuable consumer protection measure.”

With Ireland passing a landmark gambling regulation bill in October, the country is on track to become a regulated gambling market by 2025. GRAI will oversee this market, with authority to impose fines of up to 10% of gross gambling revenue (GGR).

“I have been leading a programme team working on establishing the structures that will enable us to be an effective, fit-for-purpose, independent statutory regulator on our establishment”, she outlined.

Key initiatives include staffing its seven-member board and tendering contracts in areas such as HR, communications, finance, and IT. Additionally, GRAI is providing staff training on procurement, corporate governance, and anti-money laundering.

Licensing Regime and Industry Engagement

Establishing a licensing regime for operators is a priority for GRAI, with the licensing team actively engaging with other regulators and industry stakeholders.

The authority has invited gambling and gaming companies operating in or planning to enter Ireland to register interest in applying for an operating license.

“This will help us to determine the level of applications we can expect once the new licensing regime opens in 2025. Codes of Conduct are also being developed for the sector,” Caulfield added.