Illegal Gaming Revenues in Greece Exceed Those Of Legal Gaming Market
The classic debate of whether to legalize gambling or not is ongoing throughout the globe. Most progressive countries realize that gambling goes back to ancient times in one form of another. To ban gambling like alcohol was that was banned in the days of Prohibition almost always has the opposite desired effect.
A case in point is that of Greece, where the Hellenic Gaming Commission has just released data showing that the amount of money made from illegal gambling way exceeds that of the legal market. According to the report the legal gaming market in Greece has shown a decline of 35 percent from 2009 to 2013. A decline was also recorded in gross profits where 1.5 billion euros was made in 2013 compared to 2.5 billion in 2009.
On the other hand data from the Greek Commission for the Supervision and Control of Games (EEEP) showed that crime pays as profits from the estimated 60,000 -100,000 illegal gambling machines are estimated to have made anywhere between 4 and 5 billion euros in profits. The gross profit are estimated to be 1.5 billion. Added to this is another 1 billion euros which was spent in online gambling in 2013.
We reported last year on the efforts of the Greek government to crackdown on their illegal gambling problem but this latest data shows that the problem is way bigger than initially thought.