Greece: 50 Online Gambling Licenses by End of Year

Greece: 50 Online Gambling Licenses by End of Year

Greece: 50 Online Gambling Licenses by End of Year

We reported recently on a map of Greece to lift itself out of its debt mire with the help of legalized gambling. New information released to Reuters by a senior government official confirmed a number of specific characteristics.

The most ambitious of the plans of the country include the granting of up to 50 by the end of 2011. Online gambling licenses In addition to the much needed revenue (estimated to exceed € 700 million ??) would the legalized gambling EU fair trade regulations that Greece millions have taken to comply since the country banned most gambling nearly a decade ago.

No word yet on the frontrunners for this coveted licenses, although one might expect that the major European online gambling companies such as PartyGaming and 888 to be very interested in these developments. On the other hand Greece would take the ‘French route and award the majority of licenses, especially for companies with closer ties to the government.

Other details confirmed include the addition of thousands of games “video lottery” by the country. These machines are basically designed lottery terminals to accept a wager a small amount of low game. No official word on the scope of the expenditure, but it’s a safe bet that they rarely offer large jackpots, probably in the 5-6 figure range, and possibly win a handful of smaller (2-3 figure).

These plans are awaiting approval from the government, but most forecasts anticipate little trouble getting the bill passed in the first quarter of 2011 into law, which most or all of the changes made by the end of year to comply fully with the EU / IMF bailout requirements.

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