Tag: sector

Ireland’s Tech Sector is Leading One of the World’s Biggest Industries

The Irish tech sector may not get the attention it deserves when it’s compared to Silicon Valley or London, but it’s more than a match for even these two hubs in certain areas. One area where Ireland has led the way for a few years now is gaming and, specifically, casino gaming. Thanks to major players in the industry calling Ireland home, many of the casino world’s best innovations emanate from our shores.

The best example of this is Flutter Entertainment. Based in Dublin’s Belfield Office Park, Flutter is among the largest online gambling companies in the world with a value of more than €30 billion. The company made Dublin its international headquarters in February 2022. The decision was prompted, in part, by the fact it owns one of Ireland’s biggest gambling exports, Paddy Power, and its sister site, Betfair.

Merger Makes Flutter a Gambling Powerhouse

Paddy Power and Betfair merged in 2015 to create Paddy Power Betfair. Many acquisitions later, including a takeover of The Stars Group, facilitated the switch to Flutter Entertainment. Under this banner, these sites, most notably Betfair, have become places where customers can find the best casino promotions in the UK. From free spin welcome bonuses to daily cash drops, Betfair and its stablemates have become synonymous with value and entertainment.

However, as we’ve said, they’ve also become tech hubs under the Flutter Entertainment banner. Go to the live casino lobby, for example, and you’ll find branded tables overseen by human dealers. These live dealer tables not only offer classic casino games such as blackjack and roulette, but they also feature game show-style offerings like Spin A Win.

Yes, these games were designed by Playtech and Evolution Gaming. However, the branded games have been developed in collaboration with Flutter Entertainment. Moreover, Flutter has given these games a place to sit and, in turn, where they can be accessed by millions of customers. Sticking with gaming, you’ll notice that Flutter-owned casinos also have daily jackpots. These progressive prize pools are designed to drop prizes at random intervals. This innovation has since been copied by other online casinos.

Innovations in All Areas

Gaming isn’t the only area where Flutter has changed the game. For example, Paddy Power Sports pioneered one-touch live bets to reduce the time it takes customers to lock in wagers. This innovation basically removed the confirmation process, so the bet could be locked in with a single tap. Another innovation from Paddy Power was Track My Bet, a system that allows customers to monitor wagers made inside betting shops via their computer or mobile. It’s not just online gambling butone of the world’s biggest industries worth more than €100 billion where Flutter has pushed the envelope.

Its headquarters in Dublin was given a €15.5 million makeover ahead of becoming the company’s international nerve centre. As well as housing 1,700 employees, the 164,000 sq. ft building has an onsite convenience store run by artificial intelligence technology. Add to this, leisure spaces and a live roof that’s home to three beehives, and Flutter’s HQ is as innovative as the gambling products it produces. For Ireland, that’s good news. With companies such as Flutter Entertainment leading the way, the local tech sector is gaining worldwide acclaim, and rightly so.

 

IDA Ireland statement following recent news coverage of job losses in selected technology companies

The global macroeconomic environment has become increasingly uncertain in recent months due to a number of factors, including rising interest rates, inflation, and volatile energy markets.  Challenges have been felt more sharply in Technology than in other business sectors, after a period of sustained growth for many years.  Growth rates accelerated for many technology companies during the pandemic as consumers moved rapidly online and as businesses sought to increase the pace of their digitalisation efforts.  Now, after this period of rapid hiring and jobs growth, companies find that they need to reduce their costs and employee numbers in line with reduced revenue forecasts and weakening company valuations. This has led to the announcement of layoffs by Twitter, Stripe and Meta in recent days

IDA Ireland’s Interim CEO Mary Buckley said: “These layoffs are regrettable and our thoughts are with those who are losing their jobs.

IDA continues to monitor the situation in the global technology sector and is actively engaged with its technology client base. We remain in close contact with the Tánaiste and officials in the Department of Enterprise, Trade and Employment.

The technology base in Ireland has been building for over 60 years and will continue to grow in the future, despite current challenges. The companies that have announced job losses in recent days will continue to operate in Ireland and are important companies in the global and Irish ecosystem. IDA’s focus is on the continued partnership with these companies to continue to grow their presence in Ireland and deepen their impact on the Irish economy. The underlying strength in the technology sector is driven by a number of factors, including the pace of digitalisation (across all sectors) and the associated need for new digital infrastructure and services.

Growth in employment in 2021 brought the number of people employed in the FDI sector in Ireland to 275,384, up from 258,558 in 2020.  Job losses remained at a relatively modest level relative to the size of the overall portfolio resulting in extremely strong net employment growth last year (16,826 net increase). That investment growth continued in the first half of 2022, returning FDI employment creation plans to above the pre-pandemic 2019 record levels, despite a continuing challenging global environment.”

Mary Buckley continued: “As we have done throughout the adverse events of recent years, IDA is working closely with client companies. The agency continues to win new investment in those sectors of focus that underpin a modern economy including Technology, Financial Services and Life Sciences. We remain attuned to new areas of opportunity for Ireland in an evolving investment landscape as well as exploring emerging areas of opportunity, ranging from digital technologies and microelectronics to advanced therapy medicinal products and developments in the renewable energy sector.

Investors’ commitment to Ireland remains strong and Ireland’s value proposition as a place to do business remains a compelling one. Competition remains fierce though and, amid a volatile external environment, to remain successful in the years ahead, we must remain competitive while working to address immediate issues related to the carrying capacity of the economy including housing, energy, water, infrastructure and planning as well as policies supporting talent and skills development.”

Minister Harris launches Skillnet Ireland programme to tackle the staff shortage in the Wind Sector

Minister for Further and Higher Education, Research, Innovation and Science, Simon Harris T.D. today announced the expansion of Green Tech Skillnet’s Wind Turbine Technician programme at Raheenleagh Wind Farm near Arklow, Co. Wicklow.

With energy prices increasing, the need to move to domestically generated sustainable energy is becoming ever more apparent. The programme will provide a vital pipeline of workers with the green energy skills needed to meet Ireland’s 2030 targets for CO2 emissions reduction and renewable energy provision.

The programme is aimed at people with electrical, mechanical or engineering backgrounds and once complete the trainee will be certified with Wind Turbine Technicians. The course is delivered in two stages, the first phase being in-person technical training followed by an industry placement. The Green Tech Skillnet, the facilitator of the programme, works to support companies such as ESB, GE, EDF and Energia to name but a very few, in order to ensure that this industry has the skills and talent required to meet our climate action targets.

Launching the programme, Minister Harris said: “We have set ambitious climate targets for 2030 and ensuring we have the right talent is vital in making those commitments a reality. Today we launch the Wind Turbine Technicians programme from Green Tech Skillnet and Skillnet Ireland, which will play a critical role to ensure industry identified skills and talent requirements are met. My Department and I are delighted to support this programme through the National Training Fund, ensuring that we have qualified people ready to take up roles to tackle the climate crisis.”

 Speaking at the launch Paul Healy, Chief Executive Skillnet Ireland said: “Skillnet Ireland are committed to delivering a talent pipeline so businesses are equipped with the skills needed to take climate action which we all know is urgently needed.  We are working across multiple sectors, from FDI to SMEs to develop industry led training and upskilling initiatives which will be critical to achieving our climate action targets.”

Also commenting at the launch, Justin Moran, Director of External Affairs, Wind Energy Ireland: “With a massive ramp up in investment in Onshore and Offshore Wind in the coming years, there is a skills shortage in the number of wind technicians in Ireland. This programme designed in partnership with enterprise will train 30 wind turbine technicians in 2022, providing essential skills needed help meet Ireland’s Climate Action Plan targets.”