Online Casino Style: News - OPAP Loses Big Time

09/04/2010		Online Casino Style - News: OPAP Loses Big Time
Home History Games News Dictionary		The changes this year in regards to the tax structure for online gambling in Greece are resulting in some drastic loss in funds, as industry analysts say this week that the state-run internet casino monopoly OPAP will lose out big to the new government regulations. According to the most recent estimates, the profits normally enjoyed by the group will be down as much as 61 percent. The profits for the group’s second quarter will be taking a huge hit compared with last year, dropping from €155.5 million to just €60.5 million. Considering the world’s economies are beginning to bounce back, and resulting in profits for most online gambling companies, the loss for the state-run monopoly will be vastly more detrimental for the group than perhaps the politicians knew. Instead, the money will now be in power of the government, which signed up for a €110 bailout with the IMF and European Union partners. Following a debt crisis for the year of 2009, the Greek government signed the bill to drastically increase taxes on OPAP’s online gambling revenues, slicing off €94 million from their second quarter earnings, and developing expectations that the loss could be a permanent condition. Had the tax levies not played into the mix, the second quarter would have been successful for OPAP, which enjoyed an increase in interest on sports betting, especially the game Stihima, which saw traffic and use up 22 percent during the World Cup. It was much needed, and served to offset the lower revenues from traditional gambling in Greece, as it is one of the nations still struggling to come out of the recession.

09/04/2010

Online Casino Style - News:
OPAP Loses Big Time

The changes this year in regards to the tax structure for online gambling in Greece are resulting in some drastic loss in funds, as industry analysts say this week that the state-run internet casino monopoly OPAP will lose out big to the new government regulations. According to the most recent estimates, the profits normally enjoyed by the group will be down as much as 61 percent.

The profits for the group’s second quarter will be taking a huge hit compared with last year, dropping from €155.5 million to just €60.5 million. Considering the world’s economies are beginning to bounce back, and resulting in profits for most online gambling companies, the loss for the state-run monopoly will be vastly more detrimental for the group than perhaps the politicians knew.

Instead, the money will now be in power of the government, which signed up for a €110 bailout with the IMF and European Union partners. Following a debt crisis for the year of 2009, the Greek government signed the bill to drastically increase taxes on OPAP’s online gambling revenues, slicing off €94 million from their second quarter earnings, and developing expectations that the loss could be a permanent condition.

Had the tax levies not played into the mix, the second quarter would have been successful for OPAP, which enjoyed an increase in interest on sports betting, especially the game Stihima, which saw traffic and use up 22 percent during the World Cup. It was much needed, and served to offset the lower revenues from traditional gambling in Greece, as it is one of the nations still struggling to come out of the recession.