Greece ever closer to liberalized gambling laws

Full legalization of low-wager machines and online casinos in Greece are preceeding quickly due to the government’s pressing need for more funds and the increasing popularity of gaming in the country. In similar fashion to Denmark, France and the like – though a bit more desperately – Greece will be reducing the control of its monopoly gambling system and allowing licensed foreign-based online casinos to operate within its borders.

Currently scheduled for a May start, the new system in Greece may be jumped forward in order to make up the debt owed on the IMF/European Union bailout the country received. A recent study undertaken by the Athens University of Economics and Business showed that 31% of Greek citizens visited one of the top 250 online casinos in the first six months of 2010, while 12% claim to frequently play casino games online.

At present, the online gambling industry in Greece is currently estimated at about €300 million, while revenue at legal land-based casinos for 2010 is estimated as in the area of €585 million. Official figures show that, with reform to its extant gambling laws, the Greek government could pull in at least an extra €1 billion ($1.3 billion) in revenues within three years.

All online gambling and internet sportsbook betting is controlled by monopoly company OPAP, which has resisted efforts at privatization despite European Union guidelines for years. Under the new law, OPAP would still act as a regulatory body but would lose power over three years.