In the United States the economic recession has forced many state governments to look into expanding their gambling laws. The idea is to generate much needed revenue to help fill budget gaps that are rapidly increasing. The recession has become a global one, and many countries in Europe are suffering. One of the hardest hit European countries is Greece. Their economy is in near collapse to the point of rioting. They too have looked toward gambling to help bring in badly needed cash. For Greece this would mean a complete reversal of current laws. However, for Greek lawmakers, they feel this may be the only way to stimulate a dismal economy and help work on the massive amounts of accumulated debt.

The Greek government is expected to release a draft of a new law that will once again allow electronic gambling machines. It could also allow online casinos and gambling sites. Since 2003, Greece has had a total blanket ban on all gambling machines. The only gambling machines allowed are housed in a few casinos. Gambling in Greece is highly regulated and most consider it to be a state run monopoly called OPAP. OPAP controls horse race as well as casino gambling and lotteries. Right now gambling brings in about €8.7 billion per year. This came after a near pandemic of illegal gambling operators broke out in the country. This ban has been the subject of talks within the European Union. European Union officials feel this violates EU policies and has since fined Greece €31,500 a day.

That fine may not matter much longer. Greece is betting on close to €1.3 billion over the next three years from expanded gambling laws. They intended to draw cash from gambling licenses, and royalties. Greece needs it. Right now any cash is good cash. With revenues dropping and tensions rising a 180 degree turn on gambling could only hope to be a start.

Tags: caisno, gambling, online