Greece moving faster to regulate online casino gambling

Reuters news agency reported regarding internet gambling laws in Greece, "The regulative framework will soon be presented for public consultation."

Greece has refused so far to modify it's stance on monopolistic gambling with the current draft law, OPAP would maintain its monopoly status on sports betting and lottery ticket sales through 2019, whereas licenses to operate internet casinos and poker rooms in Greece would be made available by the government.

The national debt in Greece remains at approximately 310 billion euros, and a fine of 31,500 euros per day was levied on the Greek government by the European Commission in 2003 due to the violation of E.U. free movement of services principles. The revenue from licenses and taxation of the online casinos would go to paying down debt incurred by the recent International Monetary Fund, European Union funded bailout of Greece, during its financial meltdown.

Ioannis Spanoudakis, CEO of OPAP announced that OPAP would be in the best position to take advantage of new gambling laws in Greece because it already owns over 5000 sales agents in the country. The government which owns 34% of OPAP,  saw an 11% decrease in income for the first quarter of 2010. The original plan called for €1.3 billion in revenue to be generated from new gaming licenses, royalties and taxation by 2012 that is if the Greek government does something soon to change the current scene. The longer the laws makers take the more it will cost the nation in accumulated debt. In this case time is money and timing is everything.