Flutter CEO: Sufficient budget is critical for Irish regulator to succeed
Peter Jackson argues new gambling authority will need similar investment to European regulators to best govern
Flutter Entertainment CEO Peter Jackson has said the new Gambling Regulatory Authority of Ireland (GRAI) should have “access to more funding each year” as it becomes more established to operate effectively.
Writing for The Irish Times today, Jackson argued that the largest regulation changes in Ireland since the 1950s need to be met with a “significant commitment in terms of resources and expertise”.
Jackson added this would provide the authority with the “the ability to attract the talent required to regulate a vibrant and evolving sector that is a significant contributor to the Irish economy”.
Comparing the newly formed regulator to its counterparts in the UK and Europe, the CEO focussed on fears of underfunding, noting: “Investment in expertise, research and technology does not come cheap.
“While a larger market, the UK Gambling Commission has a team of 250 people, with expenditure of more than £45m (€51.5m). Countries such as Greece, Spain and the Netherlands spend €10m to €20m annually regulating gambling.
“It is critical that the authority’s chief executive designate has access to comparable budgets to ensure that the GRAI is optimally effective in achieving its mandate.”
Jackson further explained how the “real work” starts now for recently appointed CEO of the authority, Anne Marie Caulfield.
“There is no reason why it [Ireland] can’t be a global leader in this area. If Ireland is home to the largest listed gambling operator in the world, as well as thousands of highly skilled people working in the industry, it should have a world-class regulator to match,” he added.
The Irish Gambling Regulation Bill, approved in November, sees the creation of a Gambling Regulatory Authority in Ireland for the first time.