Legalised gambling boosts public coffers in Greece

The gambling monopoly from Greece reported that turnover from VLTs increased to US$1.2 billion.

Greece.- Greek gambling monopoly OPAP’s turnover from games of chance on video lotto terminals (VLTs) rose to US$1.2 billion. The turnover is estimated to have come from the legalisation of the existing illegal market.

OPAP operates approximately 10,000 VLTs all across Greece, and after the amendment of its current contract, it is expected to operate 15,000 more. While the gambling monopoly is exponentially increasing its offering, it is estimated that the number of illegal machines operating in Greece is more than 100k, according to information released by the Financial Police in charge of confiscating VLTs from illegal centres.

Experts estimate that more than three-quarters of the official growth of VLTs turnover is due to the legalisation of gambling, bringing considerable revenues into state coffers. In 2017 gaming contributed GGR taxes of US$883 million, approximately US$42 million more than in 2016, ekathimerini reported.

2017’s gaming tax revenues rise mainly stemmed from the dues paid by online service providers (US$28 million) and OPAP to a smaller extent (US$19 million). OPAP’s taxes amount 70 per cent of gaming revenues for the state. Last year the company paid US$492 million in GGR tax, compared to the US$120 million paid by all online companies.