Online Casino Style: News - Regulation on Greek Horizon

10/01/2010		Online Casino Style - News: Regulation on Greek Horizon
Home History Games News Dictionary		For those interested in the latest news regarding the online gambling legalization efforts in Greece, some good news has become available as more market analysts as well as news editorials are coming to the agreement that regulation in Greece is an imminent change in the near future. The most recent article to be published came courtesy of the investment publication Seeking Alpha, which opined that changes for the monopoly by OPAP are inevitable, given the speed of growth of the internet gambling world, and financial difficulties that are plaguing the islands’ government. The article covered everything that could possibly be related to OPAP, including its history, an outline of the challenges facing the Greek market, tax and regulatory demands. The summary, however, is simple and clear: with OPAP controlling half of the markets in Greece and Cyprus, the remaining 50 percent of gambling business is illegal, with consumers disregarding the law to access and use internet casino sites. Should legalization occur, a significant portion of those funds could be brought back to Greece, money that is needed. OPAP may be a monopoly, with legal rights to exclusivity for online gambling in Greece, but what’s on paper is not agreeing with the reality that half of all betting by Greeks takes place in illegally accessed internet casinos. This realization has only recently set in to the minds of politicians, with considerations now being made as to what changes will have to occur to keep wagering profits domestic. The biggest change will be for OPAP, as they will have to directly compete with foreign operators for customer interest. Discussions have already begun on how to combat the problems associated with regulated gaming, such as money laundering schemes, underage gambling and problem betting. Conversations are still being had as to what kinds of gambling will be legalized.

10/01/2010

Online Casino Style - News:
Regulation on Greek Horizon

For those interested in the latest news regarding the online gambling legalization efforts in Greece, some good news has become available as more market analysts as well as news editorials are coming to the agreement that regulation in Greece is an imminent change in the near future. The most recent article to be published came courtesy of the investment publication Seeking Alpha, which opined that changes for the monopoly by OPAP are inevitable, given the speed of growth of the internet gambling world, and financial difficulties that are plaguing the islands’ government.

The article covered everything that could possibly be related to OPAP, including its history, an outline of the challenges facing the Greek market, tax and regulatory demands. The summary, however, is simple and clear: with OPAP controlling half of the markets in Greece and Cyprus, the remaining 50 percent of gambling business is illegal, with consumers disregarding the law to access and use internet casino sites. Should legalization occur, a significant portion of those funds could be brought back to Greece, money that is needed.

OPAP may be a monopoly, with legal rights to exclusivity for online gambling in Greece, but what’s on paper is not agreeing with the reality that half of all betting by Greeks takes place in illegally accessed internet casinos. This realization has only recently set in to the minds of politicians, with considerations now being made as to what changes will have to occur to keep wagering profits domestic. The biggest change will be for OPAP, as they will have to directly compete with foreign operators for customer interest.

Discussions have already begun on how to combat the problems associated with regulated gaming, such as money laundering schemes, underage gambling and problem betting. Conversations are still being had as to what kinds of gambling will be legalized.