Greek Government Proposes To Overhaul Gambling Laws

Published Friday, November 03, 2017 - Online-Casinos.com
Greek Government Proposes To Overhaul Gambling Laws

The various jurisdictions for online betting have had a number of issues to overcome but none seem as complicated as the problems facing the Greek government. Greece is suffering from financial stress that pervades its economy. The recent news that the government wants to reform gambling laws to boost revenue is welcomed by Greece’ embattled finance minister Euclid Tsakalotos.

The proposed draft legislation includes a research study by Deloitte, claiming that tax revenue of as much as €1 billion could be realized within the next four years, if the bill becomes law. The seizure of €5 million from illegal gambling over a ten year period was announced by the Hellenic Gaming Commission which has registered more than 18,000 violations of Greek gambling laws.

OPAP, the Greek Organisation of Football Prognostics holds the exclusive rights to offer numerical lotteries and sports betting in Greece. CEO of OPAP, Kamil Ziegler says that there is a massive of amount of revenue estimated to be between €300 million and €500 million annually lost to illegal gambling operators targeting Greek patrons.

The proposed legislation moves to introduce permanent online licensing and overhaul regulation related to terrestrial casinos.  Another law to redress the controversial video lottery terminal (VLT) contract between the Greek state and OPAP will also be addressed in the Greek parliament by the end of the year. The renewed efforts for reform if successfully passed would create a system for licensing interested operators to offer gambling products bringing in much need jobs and tax revenues for Greece.

It was revealed that for every €100 spent in a Video Lottery Terminals, €52 made its way into the state’s coffers with the introduction of 35,000 new machines it is set to increase the amount of money available for the government’s needs. The introduction of the new regulations may run into difficulties once it comes to a vote.

 

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