Crack Down On Illegal Gambling To Halt Greek Tragedy
Greek gambling laws are regulated by the Hellenic Gaming Commission which this week has been thrown into high gear after the General Secretary for Transparency, Giorgos Sourlas, announces a crack down on illegal gambling across the country. Greece is still in the midst of a financial crisis which have cut the economy as a whole by nearly 40%.
The public order minister, Vassilis Kikilias, has been told to take the fight to the gangs running illegal gambling in Greece, which may have a turn-over as high as 5bn Euros, and that the cooperation of the commission gave raise to optimism that “an end will be put to organized crime rings operating without restraint.”
Illegal Gambling Dens
With perhaps as many as 100,000 illegal gambling dens across Greece the legitimate gambling industry has been suffering with a fall of about 37% in revenues and gross profits slipping from 2.5bn Euros to 1.5bn Euros. That’s a drop in turnover from 8.7bn Euros to just 5.5bn Euros.
The 1.5bn euros made in profit by illegal gambling in Greece is a loss to the taxman that can no longer be afforded by an awfully cash strapped economy, and this doesn’t take into account the 1bn Euros that online casinos in Greece turn over each and every year. It remains to be seen if the crack down will halt illegal activity and money laundering.