Worth of Greece’s Online Gambling Market Estimated at £2 Billion
Greece is the latest country in Europe to consider the option of legalizing, regulating and taxing online gambling. Plans to do so are expected to take place later in the year, and the implementation of a new online gambling law could see the country earn an extra £2 Billion.
“The propensity for gaming in Greece is among the highest in Europe and the world,” said George Christodoulakis, a senior finance ministry official. “This has to do with our temperament and culture … The only thing one can do is set rules,” he said.
Currently, the country’s illegal online gambling market is worth £4 Billion. It seems to be a huge waste for Greece’s government, as it is losing out on millions of tax dollars. The Finance Ministry estimates that it could obtain at least half of the current online gambling business, raking in an impressive £2 Billion that the country is in dire need of.
Greece is currently suffering from a detrimental recession, which has been taking place for quite some time. Online gambling would be exactly what the country needs to pull itself out of its financial rut. However, as is the case with most countries considering online gambling, there is a great deal of opposition. It will be interesting to see how this legislation develops in the future.