Aug
3rd

Greece to Keep Online Gambling Monopoly

Despite opposition by the European Commission and the fact that Greece is currently in a state of financial turmoil, the country has decided to continue with its draft proposal to change online gambling in the country.

As part of Greece’s debt obligation to the International Monetary Fund and the European Union, the country was required to change its laws in order to allow the industry to generate much needed funds. The country had also undertaken to sell its stake in the state gambling monopoly, OPAP, by the fourth quarter of the year but Greece’s Finance Minister, Evangelos Venizelos, made an announcement this week stating that the government had not in fact pledged to sell the group and may refrain from doing so after all.

Greece has, however, decided to go forth with the proposal and is adopting a “come what may” attitude and not addressing the issues at hand even though the government’s draft proposal did not comply with the European Union’s laws.

The Greek government is trying to find an alternative solution to selling its 34% stake in OPAP which is worth approximately £1.17 billion (€1.5 billion). Online gaming licenses that are linked to OPAP could probably generate another €500 which would ease Greece’s massive public debt which is expected to go beyond 160% of gross domestic product this year.

It would appear that Greece has no alternative but to sell its stake in OPAP in order to bring in the funds that the country so desperately needs but the Greek government does not seem to be ready to relinquish control over such a prosperous entity.

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