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Update GREECE GAMING MARKET


is unclear what rights these will be under the monopoly system it holds.


the gaMing saviour? At the moment Greece’s gaming market consists of nine casinos, a state lottery, a horse racing operator and OPAP. The operation of gambling machines is illegal with the exception of slots in casinos and OPAP machines.


In September 2010 the government began its legislative initiative ‘Regulating the Gaming Market’ and in January 2011 the former Greek Minister of Finance Giorgos Papakonstantinou unveiled the new Greek gambling bill which suggested several changes from fully privatising the remaining casinos, introducing a VLT market and opening the market to providers of sports betting, internet poker and online casinos. The bill was part of the privatisation programme which aims to raise €7bn through the sales of its state owned companies. Despite criticism of the first draft submitted in June last year from the European Commission the law 4002/2011 was adopted by the Greek Government and was passed in August.


The new law sets up the Gaming Supervision and Control Commission and appointed its Chairman in early December. This will now regulate matters concerning the operation of gaming and licensing including the set up of a


vlts can Be


oPerated in various


locations with a MaxiMuM of 30 Machines in


so-called ‘Pure rooMs’ or


‘Mixed sPaces.’


betting games. This runs until 2020. Annual revenues from games amount to €5.14bn last year, a six per cent decline on the previous year.


The year 2010 proved difficult for OPAP as the financial crisis hit leading to a slowdown in game revenues particularly in Kino combined with a new tax structure of prize payouts to the lottery and betting winners and the no smoking ban in all public places including lottery agencies. Since the new socialist government came into power there have also been reports of board member resignations from OPAP.


In September 2010 the government


began its legislative initiative ‘Regulating the Gaming


Market’ and in


January 2011 the former Greek


Minister of Finance Giorgos


Papakonstantinou unveiled the new Greek gambling bill.


OPAP has more than 5,000 commission agents around the country and has a 50 per cent share of the gaming market in Greece and Cyprus and currently runs three sports betting games – Stihima, Propo and Propo-Goal which between them account for almost half of the group’s total revenues. It also managed to shut down Stanleybet back in 2008 after the UK company opened two betting shops in Greece and was to be a major competitor to OPAP. The company however has said that it is well placed to exploit the upcoming opportunities ahead within the Greek market under the new laws and is expected to take on VLT and internet gaming licenses although as yet it


monitoring and control IT system to oversee all data and transactions.


However as the gaming commission doesn’t even have an office yet there are challenges which remain in the following areas:


• Firstly to appoint the full gaming commission and find the right know- how


• Secondly to find a way to regulate the market and close down illegal gaming operations which will include some 50,000 slot machines


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