The Republic of Ireland has unveiled plans to establish a new gambling regulator.

The body will have the power to distribute licences to operators and to issue financial penalties of up to €50,000 for legislative breaches.

It will also address a number of common gambling activities that have flown under the regulatory radar until now, such as spread betting on football matches.

Both the Irish Bookmakers Association and Problem Gamblers of Ireland have voiced support for the move, as has a significant portion of the Oireachtas.

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“The government has made a major commitment to the modernisation of our licensing and regulatory environment for gambling,” said David Stanton, Minister of State.

“It will require resources. However, the ultimate aim is that the regulatory authority will be self-financing through fees and levies imposed on licensed gambling operators.”

The news comes on the back of growing concerns over gambling addiction and questions surrounding the adequacy of Ireland’s support networks for problem gamblers.

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