Greece Makes Baby Steps Towards Regulated iGamingPublished August 8, 2015 by Florin P
Greek government contemplates the potentially beneficial effects of regulating online gambling.
European creditors concluded that the Greeks have been spending too much money for too long and decided to take drastic measures. With the initial austerity plan failing miserably, things were taken to the next level and Greece had to make more concessions for another massive bailout. There are few good news coming from the domestic front, but the possibility of a regulated online gambling market is one of them.
Cash-Strapped Greece Can't Ignore Online Gambling Revenue
Cyprus has embraced online gambling a longtime ago and Malta went a step further, gradually turning into a hotspot for casinos seeking a license. Until recently, Greece held its ground and the state-owned gambling operators reigned supreme, while outsides were denied the chance to enter this market. Things are about to change as the country is struggling with poverty and the economy is sinking despite all the austerity measures.
The left-wing party ruling the country made a promising announcement and international gambling operators are expected to apply for a license. When things look too good to be true they usually are and in this case, the price of the license fees is exorbitant. The cash-strapped state is trying to attract foreign investors, but the online casino business is unlikely to respond favorably to these figures.
Gambling Industry Exceeded Expectations in 2014
In 2014, almost €6 billion was generated by the industry and if more casinos enter this market, the numbers are expected to go even higher. Impressive as they might look, these figures are a far cry from the 2009 revenue and Greeks have different priorities these days.
History on the other hand suggests that the appetite for gambling increases precisely on those occasions when people struggle financially. Online casinos like Platinum Play Casino and Jackpot City Casino are already popular with Greek players and the market is big enough to accommodate more online casinos.