Greece Hoping to Heal Economy Via Online Gambling
The economy in Greece has suffered just like other countries in Europe. However, Greece has been smarter than others when finding a solution. The huge shock the Greek government suffered in early 2010 after many years of unrestrained spending and lending, and an incredible lack of financial reforms, saw this small european nation add to their national debt to a hefty €300 billion ($413.6 billion).
However, to save themselves from one of the hardest times in the history of the country the government in Greece has turned to impressive reforms and some have been implemented already in hopes to return Greece’s ailing economy back to growth in 2011. Some of these reforms include an intensive overhaul in their online gambling laws to add extra energy to the whole process. In Greece, gambling is conducted by the state owned monopoly OPAP and even though the government has been discussing the privatization of OPAP for some time, it seems to be taking longer than expected with the many requirements of the European Commission. Nevertheless, now more than ever this privatization seems imminent because funds are required in the state treasury. Hence, the Greek government has already announced a three-year privatization program with the objective of raising €7 billion through the sale of state owned companies including OPAP.
What this means for online casinos offering some of the best slots and tables games in Greece, is the removal of the online gambling ban in the country, which is a market already worth around €4 billion a year. However, Greece will be hoping to soon create this into a huge and lucrative market in early 2011.The plan to allow online gambling will also bring extra benefits to the country including bringing Greece in line with EU agreements. Aside form online gambling, Greece has faced enormous fines in the past for violating EU monopoly laws by allowing OPAP to be the sole operator of low stakes slot machines in the country.
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