Update: Greece to Comply to EU Laws in Terms of Online Gambling

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December 23rd, 2010

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Parliament to receive legislation at the beginning of 2011

New movements have been noted in Greece in respect to the Greek Government's plans to lift bans on online gambling so as to up revenues, it was assessed by Bloomberg.com, which also reported the statement of the Finance Ministry, which claimed that online gambling will be legalized and regulated.

In addition, it was stated that the government will set up a Gambling Supervision Commission, which will be in charge of the industry supervision, and that some licenses will be issued for games of chance.

Due to the country’s struggle with meeting target revenue amounts set by the EU and IMF in exchange for a Euro 110 billion bailout, the government’s aim with these changes is to see an increase in its revenues of over EUR1 billion ($1.3 billion) in two to three years.

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