Regulated online gambling market in Greece
August, 10th 2015
European creditors have recently come to the decision that Greeks have spent too much money and decided to implement drastic arrangements. The country has failed the cuts plan and Greece has to make concessions for another massive rescue operation. There are only a few good news from the country but one of them is the regulation of the online gambling market. In Cyprus, online gambling was already legalised years before and Malta took it a step further in becoming one of the hotspots for casinos searching for a license. Until recently, Greece only had public online gambling operators while for outsiders it was forbidden to enter the market. The left-wing party that is ruling the country is expecting international operators to apply for their licenses.
So what’s the catch? It’s the exorbitant high prices of the licenses. The financially weak country is trying to attract more international investors. The gambling industry has surpassed all expectations in the year of 2014 with a revenue of almost 6 billion EUR. The appetite to gamble increases mostly in times when people are financially struggling and fighting for their survival. Greece players love online gambling already and the market is too huge to host more operators.