Onine betting website

westcoast66

Hello All - I was thinking of starting an online betting website here.

Does anyone know if:

A) I need a license for this?
Who do I apply to for such a license?

Thanks!

DubTony

I don't think Irish government will give you a licence for online gambling. I think Paddypower.com is registered in the Isle of Man (like many others).

Be prepared to empty your bank account (and probably many others) in order to create the software and market the site. And make sure you've got a really good bookie working for you.

westcoast66

DubTony wrote: »

I don't think Irish government will give you a licence for online gambling.

Ah yes, but here is were it gets interesting.

Who do you actually apply to in the government for a license?!
And, if you just started a website doing this, who would shut you down? It is very easy to host your website abroad.

According to this article - http://archives.tcm.ie/businesspost/2008/02/24/story30684.asp gambling in Ireland is very loosely regulated, so if you setup your website allowing only members to gamble, then you could do it.

stepbar

westcoast66 wrote: »

Ah yes, but here is were it gets interesting.

Who do you actually apply to in the government for a license?!
And, if you just started a website doing this, who would shut you down? It is very easy to host your website abroad.

According to this article - http://archives.tcm.ie/businesspost/2008/02/24/story30684.asp gambling in Ireland is very loosely regulated, so if you setup your website allowing only members to gamble, then you could do it.

Seriously, wind back in the imagination and start thinking real world. Do you even understand the financial risks behind acting as the bookie?

Hell do you know what...... The only advise I suggest is that you go and sign up to a website called http://www.betfair.com. Lay a few bets and see how you get on. It will be an education for you.

westcoast66

stepbar wrote: »

Seriously, wind back in the imagination and start thinking real world. Do you even understand the financial risks behind acting as the bookie?

Hell do you know what...... The only advise I suggest is that you go and sign up to a website called http://www.betfair.com. Lay a few bets and see how you get on. It will be an education for you.

Stepbar, I'll ignore your negativity given that it is a recurring theme on most of your posts here.

stepbar

westcoast66 wrote: »

Stepbar, I'll ignore your negativity given that it is a recurring theme on most of your posts here.

It's called REALISM. Repeat after me...... REALISM. I'll say it again............ R E A L I S M.

Seriously, if you can't see the pros and cons behind what you are trying to do along with the risks each has, then you have no chance. The capital you would need to make a "credible" go of this would be ridiculous . Even at that you would have to have something different for to attract any sort of user base. And lets not forget about the existing players in the market.... by the time you'd have the first million spent they'd have probably woken up and then proceed to obliterate you. Game over million gone.


Why is "realism" such a hard thing for budding entrapreneurs to understand? (Hell I might even start a thread on it, it shocks me sometimes how nieve entrapreneurs are sometimes..... or maybe it's just the posters here )

J_Wholesale

stepbar wrote: »

Why is "realism" such a hard thing for budding entrapreneurs to understand?

It gets in the way of the fantasy. And the biggest fantasy of all is: "It's on the internet" - therefore it's easy, cheap, and anyone can do it.

thegoodlife

Just passing through this thread and I notice that stepbar has responded in one of his negative comments as he did on my thread. I'd just like to mention that when certain people i.e me and the OP start a thread seeking help and advice on a business idea they have been contemplating doesnt mean that we are brain dead it means we thought of an idea and we realise it may not work so we ask others for their input, what we don't ask for is to be judged by a few suggestions we put forward and what we certainly don't ask for is to be insulted by you stepbar. Sometimes its hard to ask for help. Its never hard to come along and pick out faults with a business idea anyone can do it. There is a line between giving advice and warning somebody that their idea will fail and comming across as an arrogant twat...unfortunately stepbar you seem to be blind when it comes to seeing this line.

kenbrady

If anyone ever says anything negative about my company, I don't start sulking, I realise that everybody has opinions and I reply with facts, evidence and my vision to counter their arguments.

When you start a business your opinion means very little, it's the opinion of the market and your target customers that is important. Also the opinion of the people who influence the market/customers.

If you are not tough enough to handle a few "harsh but fair" comments on the internet, you haven't done your research, have a realistic, solid business plan and you're not tough enough to go into business.


With regards to an online betting website, the set-up costs are massive. But the main point is how will you market the site and attract customers. How are you different, better than all the other online sites.

Entrepreneur is not about dreaming and taking risks, it's about solid research and limiting risks.

cormie

This is a very very very competitive industry and one where the big players have billions behind them. If you're "betting" idea is the regular sports/casino/poker type, I'd really try and advise you just not to take the risk unless you are absolutely certain you have something that the already jam packed market is lacking and that you have the financial backing to build it and push it before any of the big guys find out about it and can get the same developed on their site within a week, where they have thousands of members already signed up ready to promote it to.

The costs involved in setting up a site like this are phenomenal aswell. Software development, maintenance and running costs, credit card and funding department, fraud control, security. You'll need 24/7 support etc.

If you want, you could seek out becoming a "skin" of one of the bigger sites, this means you have a mirror website of an already established network, designed to your individual requirements and market. There will, in most cases be 2 parties above you though, the network itself and then the likes of paddy power, who are part of a network themselves (poker) and will take care of your customers credit card transactions etc. I still advise against this unless you have a lot of money to promote it etc and have something that hasn't been done before in the market.

If you put the same effort as you'd put into this, into something else, you'd be far more likely to succeed and have spent far less money trying to do so.

Bandara

I presume you have MILLIONS of Euro to promote the business ?

Otherwise no one is ever going to hear about your site

westcoast66

Guys - Thanks for all your comments on this.

I dont want to go into the details of my proposed business here but just to let you know, its not online poker/casino/racing etc. I've done a lot of research and its targeted to a niche online group in a particular sector that don't have such a facility at the moment. Idea would then be to expand to the major markets once the idea has been proven here.

Still, no-one has answered my original two questions!! Anyone??!!

TheWaterboy

im not 100% sure but I would be very very surprised if you didnt need some sort of a license. Even if you want to set up a local lottery or draw online then you need permission.
You need to decide where the website will be hosted - this country is then where you must get permission from.

Its a very very tough and competitive market, but if you have a niche then that will remove you from paddypower etc.

My advice is though - just because its the internet dont think that you arent subject to any laws or regulations. If you pump alot of money into this and then are shut down cos you failed to get one simple document, you will feel very silly!

kenbrady

westcoast66 wrote: »

Guys - Thanks for all your comments on this.

I dont want to go into the details of my proposed business here but just to let you know, its not online poker/casino/racing etc. I've done a lot of research and its targeted to a niche online group in a particular sector that don't have such a facility at the moment. Idea would then be to expand to the major markets once the idea has been proven here.

Still, no-one has answered my original two questions!! Anyone??!!

Yes you need a license, most online betting companies are registered in the Isle of Man http://www.gov.im/gambling/

westcoast66

kenbrady wrote: »

Yes you need a license

So, the million dollar question! Anyone know where to apply to get such a license?

Spinnaker

To take online bets in Ireland:
1. you first need an irish ' bookmakers' licence OR...
2. a licence from Malta (Class 4 i believe) (3-4 month leadtime)

From a 'made' guy in the scene .. online betting has become easier and easier to get into cos of software etc. Many try for that reason but fail and get seriously burnt primarily cos of:
1. Not enough LIQUIDITY
2. Unforeseen marketing/promotion COSTof growing own database of punters

Tip: Licensinng legislation is very dated (1956). Research and be aware of licensing implications of new impending draft legislation before the 'houses' . Money laundering Bill.

jon1981

forgive me for being naive but what liquidity would betfair need?

isn't it an exchange whereby all the bets must my matched by people willing to lay against them so in affect you're acting as the medium for individuals to place and lay bets against each other?

PhatPiggins

jon1981 wrote: »

forgive me for being naive but what liquidity would betfair need?

isn't it an exchange whereby all the bets must my matched by people willing to lay against them so in affect you're acting as the medium for individuals to place and lay bets against each other?

Depends what you mean by liquidity. If its referring to betting then they match a lot of bets themselves, mainly in the multiples markets.

mulrook1

Hello you should try www.irishststutebook.ie for starters, its run by the attorney generals office. I know there is two acts on licence, the racecourses act 1945, and the issue of bookmakers licences comes under the BETTING ACT 1931.
To be honest with you betting acts are very outdated and i dont really know what way the act covers online betting, but i hope you get some help on it from this site or their office. Yes most of the replies your getting are right as far as its a tough business to get into and you will need very big funding to start it up, but still its all very new and there is still plenty of openings left. Yes betfair have most of it covered and i have seen many sites go to the wall, but you still need compition out there. I dont know what side of it you want to try get into, so i cant relly give a comment. I know one very good field that betfair dont cover and its in ireland getting very big numbers attending so theres always something there if you look.
Okay i dont want to know what end you want to get into but if you have any questions feel free and ill try to answer them. Sorry that i cant be more helpful on this one.

DubTony

westcoast66 wrote: »

So, the million dollar question! Anyone know where to apply to get such a license?

:rolleyes:

The spoonfeeding is getting tiresome


http://www.gov.im/gambling/benefits/aboutgcc.xml

Isle of Man Government web site wrote:

The Gambling Supervision Commission is a body corporate established in 1962.

In addition to the licensing and regulation of land-based gambling operations (casino, amusement and slot machines, betting offices and lotteries), the Commission also regulates all online gambling activities, which have grown significantly in recent years.

Try these guys. I think someone may have mentioned them.

fintan

DubTony wrote: »

:rolleyes:

The spoonfeeding is getting tiresome


http://www.gov.im/gambling/benefits/aboutgcc.xml


Try these guys. I think someone may have mentioned them.

Well it could work to be a very punter friendly bookie