Betting operator Betfred has confirmed that its gaming products will be temporarily unavailable to customers in Ireland. The announcement came right before the country’s new gambling licensing rules came into effect.
Betfred Gives Itself a Pause to Align Itself with the New Rules
Betfred announced that it will be taking a temporary pause in Ireland, warning customers that its betting platforms will be unavailable. The announcement comes ahead of the enforcement of Ireland’s new licensing rules.
Betfred elaborated that it will be halting its operations from June 30, the day before the new rules come into effect. As a result, Betfred contacted its customers in Ireland and strongly encouraged them to withdraw all their funds. Players were also discouraged from placing any wagers that settle after June 29, although reports state that World Cup bets will be settled as normal.
Betfred did not confirm when it will be back, but it did emphasize that this is only a temporary shutdown. The company will use this time to align itself with Ireland’s new licensing requirements.
Ireland to Tighten Its AML Measures
Ireland’s new licensing framework is set to launch on July 1, in line with the measures outlined in the Gambling Regulation Act 2024. Under the new rules, the Gambling Regulatory Authority of Ireland (GRAI) will officially assume responsibility for the gaming sector.
In the meantime, Irish authorities published a 30-point action plan to tackle risks associated with the gaming sector. The GRAI-led initiative will see Ireland adopt tighter anti-money laundering measures.
Officials noted that both digital and land-based gaming carry certain risks. For land-based companies, cash’s lack of traceability was cited as a major issue. However, the velocity of online payments carries its own risks, officials admitted.
Crypto was another major issue, which is why the GRAI is expected to introduce industry-wide standards for digital assets.
In any case, the GRAI seems to be hard at work modernizing Ireland’s gaming framework and addressing potential deficiencies.