Description
Video game developers have set their sights on Ireland after the country launched a new tax incentive scheme aimed at boosting investment and cultural awareness. The scheme, which came into force in January, offers refundable corporate tax of up to €8 million for eligible projects to companies based in the European Economic Area and doing business in Ireland. Patrick O'Donnell, a board member at Imirt, the industry body, said between five and 10 companies are currently involved in talks with the Irish gambling industry, including some listed companies. This is a positive sign that the tax credit could attract investment to the country. The Irish gambling market has the potential to grow exponentially, with a projected global value of $504 billion by 2030, according to market researcher Grand View Research. The adoption of the incentive scheme could position the country at the forefront of this booming market. The incentive program is also a way to tap into Ireland's existing film, technology and animation sectors while supporting Irish and European culture.
Other countries, such as the UK, France and Canada, have existing incentives for gambling businesses, but Ireland's tax credit, combined with its high quality of life and technically-skilled workforce, makes it a place still more attractive to establish a business. , according to Craig Stephens, another Imirt board member.
The cultural component of the tax credit is a big draw, according to Maria O'Brien, senior lecturer in digital media and cultural policy at Queen's University Belfast. She says the Irish incentive is particularly exciting because it recognizes the need to develop gambling as a cultural form by creating a strong industrial base in Ireland.
Dublin already boasts a significant presence of renowned game developers, including Activision Blizzard Inc. and Riot Games, who are part of the city's well-established tech scene. Twitter Inc., Meta Platforms Inc. and ByteDance Ltd.'s TikTok also have their European headquarters in Dublin.
