Reuters is reporting that a Irish government committee is suggesting that the nation should update its Internet gambling laws to regulate the industry to take advantage of the US' prohibition stance.

The committee, set up by the government in 2006 to review how Ireland can better regulate gaming and casinos, said the Internet Gambling Prohibition and Enforcement Act 2006 in the U.S. meant many operators were looking to relocate to Europe.

"The recent United States prohibition of payment mechanisms for gambling online, presents a window of opportunity for Ireland," the country's Casino Committee said on Thursday.

Ireland's economic success over the last decade has been driven, in part, by its ability to attract investment by foreign firms with the likes of Google and Yahoo setting up European headquarters in Dublin.

However, the committee did suggest that Internet gambling should be strictly regulated to protect minors and the vulnerable, prevent criminals from entering the market and ensure the trust of e-gambling customers.

But it said blocking Internet gaming along the lines of the U.S. ban presented numerous difficulties.

It also proposed discussion with Finance Minister Brian Lenihan regarding "possible competitive taxation rates."
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