Irish are now gambling over 70m a week and it's rising.

(From Irish Independent)

Punters could spend 5.2bn by 2007

IRISH people are gambling over 70m a week and the figure is set to hit the 100m mark within the next two years, new figures reveal.

With online gaming growing at a phenomenal rate of almost 70pc per year, Irish punters are expected to part with over 100m per week by 2007, meaning the annual spend on gaming will have climbed to a staggering 5.2bn.

This year, the spend in the nation's betting shops will top the 2.7bn mark, according to industry estimates - up from the already healthy 2.275bn gambled during 2004.

And the 2005 estimate is a conservative one, based on the growth rate displayed in betting shops during the first half of 2005 - some 17pc across the board.

On top of the spend in betting shops, online gaming is estimated to rake in well over 100m - Paddy Power alone took in 175m from its online business in the first half-year, although this includes revenue from its British online business.