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ONLINE GAMBLING EXPECTED IN GREECE DURING 2011
24th January, 2011 at 09:52:36
Government official announces up to 50 licences to be awarded
It would appear that Greece is preparing to be next up for licensing online gambling. A Goverment official says that Greece will award up to 50 online gambling licenses and allow low stake videolotto machines by the end of 2011. All of this comes in the hope that it will help Greece get out from under its huge debt. ccording to an anonymous government official, "The bill is expected to be voted within the first quarter of the year. Our aim is to tender the licenses by the end of the year."
In 2002 Greece imposed a blanket ban on all gaming machines and has had nothing but trouble in enforcing the ban. It is estimated that around 4 billion euros a year is spent on internet gambling
in the country which at the current exchange rate would be approx. $2.95 billion US.
One of the driving forces behind this is that Greece needs to raise cash to pay off fines and comply with the terms of the 110 billion euro bailout it received from the EU and IMF. Greece hopes to raise 700 million euros ($949 million) in revenue this year to put towards the bailout and another 625 million euros next year. As yet, there have been no more details concerning the length of the licenses or what, if any, restriction may be attached.
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