In 2007 there was expected to be some sort of shift towards gaming deregulation in Greece, breaking the OPAP monopoly. In anticipation some betting firms such as William Hill unsuccessfully applied to be licensed by the Greek government. However, the OPAP monopoly and the ban on low-stake gaming machines have remained despite Greece being fined by the European Union since 2002.

According to a statement issued today by the Finance Ministry, Greece now will move to allow low-stake gaming machines in licensed spaces. Under the terms of a €110 billion financial bail-out for Greece by the European Union, the country will also legalise online gambling to comply with EU law. The ban on the gaming machines was declared illegal by the EU because OPAP and Greek casinos were exempt.

The relaxation of gambling laws and increased competition is expected to help Greece make payments on its EU/IMF loans. As well as online gambling some licences will be issued for other games of chance and a Gambling Supervision Commission will be set up. Suitable legislation should be submitted to the Greek parliament early next year. The present illegal gambling market in the country is worth an estimated €4 billion a year. Within 2-3 years the new law should increase government revenue by over €1 billion. (E-12.22.10)

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