ECONOMY

Illegal gambling at 5.5 bln euros

Some 5.5 billion euros are spent each year on illegal forms of gambling in Greece and that figure is likely to grow in coming years, leaving the state short of an important source of revenue. The results of a survey by research firm ALCO, commissioned by state betting company OPAP, indicated that 4 to 4.5 billion euros are spent on illegal forms of Internet gambling annually, with another 0.5 to 1 billion euros going to slot machines, which draw younger customers. «(The study) shows the massive loss of tax revenues by the state at a time when it needs the money, offering it the chance to intervene in the flow of ‘black’ (undeclared) money,» OPAP said in a statement. Given the growing trend of Internet gambling internationally, some European countries have been forced to regulate the practice by going ahead with changes to the law, OPAP added. The survey was conducted between July 8-15 on 1,600 people, 90 percent of whom were men. In June, the Greek government said it would soon release a draft bill to lift a ban on low-cost gaming machines and Internet betting in a bid to boost state revenues. The government has earmarked about 1.3 billion euros in proceeds from betting licenses and royalties over the next three years as part of a 110-billion-euro European Commission, European Central Bank and International Monetary Fund bailout. The survey showed that 82 percent of those questioned called for the state to regulate Internet gambling, with most saying that they consider OPAP credible enough to operate and monitor games of chance. The survey confirmed that men are far more likely test their luck on games of chance than women, with 90 percent of those playing OPAP games, Internet gambling sites or slot machines being men.

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