A fresh study is sparking worries regarding the Irish National Lottery’s financial administration.
Ireland’s fiscal supervisor, the Comptroller and Auditor General (C&AG), has expressed anxieties about the utilization of National Lottery proceeds. The supervisor discovered that despite the lottery’s contribution to government coffers surging by 62% from 2015 to 2021, hitting €304 million (approximately $297 million) in the preceding year, clarity regarding the expenditure of these funds remains insufficient.
The C&AG emphasizes the need for heightened transparency from the National Lottery, urging them to furnish more comprehensive details in their financial statements regarding the destination of the money. A particular point of contention is the unclaimed prize funds, which have accumulated to a staggering €124 million since 2014.
In response to the study, the National Lottery acknowledged the validity of the concerns, concurring that they can enhance their openness and transparency pertaining to their financial dealings.
At the beginning of this year, the European Gaming and Betting Association (EGBA) praised Ireland’s objective to construct a contemporary regulatory structure for wagering.
In reaction to the Irish government’s draft of the Gambling Regulation Bill, the EGBA expressed that the proposal offered a blueprint “to form a gambling regulatory body centered on public security and welfare” that would “oversee both digital and physical gambling, with authority to regulate marketing, gambling platforms, and applications.”
