Ireland reports third highest gambling losses in the world, overtakes US

The majority of doomed bets were made online and in bookies. In Ireland, around €470 per adult is lost on different forms of gambling.

The figures were revealed by H2 Gambling Capital consultancy, which collects data and intelligence on the gambling market.

Australia is on top of the table - the country made $18.3 billion in losses in 2016.

Singapore comes in second with total losses of $5.9 billion dollars.

Ireland comes in third followed by Finland and the United States.

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The most popular form of gaming in Australia is on electronic poker machines which are more popular there than anywhere else. Punters can lose as much as $1,150 an hour

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Sinn Féin MEP Lynn Boylan said Ireland’s lack of regulation makes these figures extremely worrying.

She said: “The damage that problem gambling is having on Irish society goes largely unreported. While issues around problem drinking and drug abuse have been tackled in a more head on fashion in recent years, the issue of problem gambling has been relatively ignored by politicians.

“Problem gambling is a huge cause for concern in modern Irish society. Unfortunately, because it is not as visible as other problems, politicians and certain sections of the media seem to think that it is not a pressing matter.

“However, I think it is one of the gravest issues facing Irish society.”

 The general scheme of the Gambling Control Bill was introduced in 2013 by then-Minister for Justice Alan Shatter.