2018 World Cup Sets Greece’s Online Betting Revenues at a Record-Breaking High
Billions enter the online betting profit coffer
In the past few years, Greece has been making to the news for a couple of reasons; one of them is the economic crisis that the country is undergoing lately. The financial indebtedness of Greece was one of the reasons why online gambling emerged in the country.
Thanks to 2018 World Cup that the country’s gambling industry received an impetus and was able to generate billions of profits during the season. Reports show that the total revenue earned from online sports betting in 2018 was €3.23 billion, with the first half of the year earning €182.8 million. The 2017’s revenue collection amounted to €5.3 billion, with €280.6 million churned in the first half of the year.
A rewarding time for operators
Although the Greek National Team did not qualify for the 2018 World Cup, the Greek-licensed gambling operators and the government saw a rewarding time as the industry’s profits soared. One of the operators, GVC Holdings’ Sportingbet, reported that their market share has expanded by about 20 percent—something surprising as they stood only at six percent the previous year.
The revenue total is twenty-four percent higher than last year, as seen from the hike in profits of the twenty-four gaming operators in the country. The government has also increased the annual tax rate by thirty percent to €64 million.
The way the industry is reaping profits will change the way gambling is perceived in the country. Now the Greek government is also hatching plans to grant permanent status to all the twenty-four operators in the country. The deal would be for a period of five years and would involve €4 million as an upfront fee for sports betting, along with an additional charge of €1 million for other gambling activities.
The framework would demand a hefty payment from operators for permitting them to provide their services in the country. Online casinos, however, are proving to be a tremendous economic boost for Greece, which is now working on plans to set up one of the largest casinos in the world. Costing about €1 billion, the proposed Ellinikon Casino (15,000 square-meter) will be a wing of a massive resort and entertainment center that will sprawl over 600,000 square meters.
The FIFA World Cup is undoubtedly giving gambling a boost across the world. Greece is the best example of a grappling economy taking a step toward financial stability.
