Greeks Pass Gambling Law

August 12, 2011 | News Category: Gaming Law

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The Greek parliament has passed its online gambling legislation, along with other legislation designed to help save the Greek economy in an omnibus bill. The legislation was passed ahead of the August 2011 meeting of the International Monetary Fund, and is part of the plan to bolster up the economy as part of the conditions set out by the International Monetary Fund so that the country will be bailed out of its current economic crisis.

There were initially objections made by the European Commission regarding the Greek online gambling bill, however, it seems that the main objections that were made by the EC have been left out of the final legislation. Initially, there was a six month blackout period planned, limiting the number of licenses that Greece would allow for foreign online gambling operators.

However, the initial six month period until the new legislation is in full force allows foreign online gambling operators, as long as they are already licensed and registered in the European Union, to offer their online gambling sites to those residing in Greece.

While lawmakers in other countries may be on their summer recess, the Greek lawmakers did not take their regular summer recess, and have been focusing on passing legislation that will save their country from total financial ruin.

Greece has already undergone two huge financial bailout programs. The first gave Greece 110 billion Euros in 2010, and the more recent bailout gave the struggling country 109 billion Euros in various stages. The second bailout came with conditions attached to it, such as the country had to reach various fiscal targets and make some structural reforms. This is the reason for these rather drastic changes in Greek law, with decisions been made rapidly and decisively. International money lenders are keeping a close eye on the financial activities taking place in Greece, and how the Greek government is handling it all.

Greece is hoping to generate 700 million Euros from both taxing and licensing online casinos and other new gambling concessions, as well as changes in other ministries, such as the touristy ministry. The new legislation will have more slot machines around the country, and more legalized online gambling.

Minister Evangelos Venizelos, the Greek Finance Minister, noted that the legislation needed to be passed as soon as possible so that the country would be ready for the IMF team that is arriving in Greece on 22nd August.

Venizelos told his fellow lawmakers: "We must do our work and be a model of execution."