Regulator intervenes to have Ireland geoblocked by prediction markets site

In prediction markets, participants trade contracts on future events, betting on outcomes of everything from sporting events to elections and economics. Picture: iStock

Ireland is now geoblocked by one of the world's largest prediction markets gambling sites following intervention by the gambling regulator.

In prediction markets, a controversial gambling product, participants trade contracts on future events, betting on outcomes of everything from sporting events like the World Cup to political elections and economics.

The Gambling Regulatory Authority of Ireland’s enforcement team “has been active in this space”, CEO Anne Marie Caulfield confirmed.

“I'm not going to name any names, but in relation to one of the largest prediction market operators in the world who was operating here in Ireland, on foot of our interventions, now geoblocks Ireland.

“And a second one is in the process of doing so and if they don't it's open to us to go to the High Court.” 

High Court action has already been threatened against this second company, Ms Caulfield said.

The Gambling Regulatory Authority of Ireland has been working with Meta and Google “very proactively” over the last couple of weeks, along with the Gambling Regulators European Forum, of which Ireland is a member, to implement measures so that these sites cannot be served up to consumers.

Almost 30 successful interventions have already been taken by the regulator “and for the vast majority of cases where we've intervened, they have withdrawn their site, in one case within 35 minutes," Ms Caulfield said.

“But in the instance where they don't do so, we can go to the High Court and get a blocking order for them."

The regulator is applying for ‘trusted flagger status’ with Coimisiún na Meán, Ireland's media watchdog, so that if it flags a site, it can be taken down within two hours, avoiding the delays of having to take High Court action.

Ms Caulfield expects this status to be granted soon.

This would bring it more closely in line with France, where its gambling regulator recently ordered internet service providers to block access to Polymarket, a major prediction markets platform, citing concerns it could expose users to significant gambling losses and that some wagers offered on the platform could be manipulated.

Gambling products will require licences from the regulator, which will introduce "a whole swathe of new consumer protections," Ms Caulfield said.

The first gambling licences under the new regulator were issued on July 1.

Anne Marie Caulfield, CEO of the Gambling Regulatory Authority of Ireland.

These were for remote or online gambling. 

Licences for on-site gambling will follow and next year, licences for gaming will be introduced. 

“Once those sectors are licensed with us, a whole swathe of protections start to stand up in terms of consumers," Ms Caulfield said.

“So for example, setting a limit in terms of your gambling, no credit cards will be accepted in future for anyone licensed."

Children are at the heart of these protections, she said.

Involving a child in gambling will bring sentences of up to eight years in prison.

Parental controls are also required on all sites now, Ms Caulfield said.

If operators fail to adhere to the rules, fines of up to €20m or 10% of turnover can be imposed. 

Licences can also be suspended and revoked.

"There is a fundamental overhaul of the existing system. And we are standing up our compliance regime in order to go out and to inspect and to make sure that that is happening," Ms Caulfield said.

The regulator will also introduce a social impact fund, paid for by a levy charged to industry.

This will first provide funding for treatment for those suffering problem gambling, including helplines and addiction treatment facilities.