Greece was once a powerhouse among nations. The times changed, and the Mediterranean country has recently found itself scrambling for economic assistance, having more than once been bailed out by the European Union (EU). Recently, the island country decided to take a stand and work on becoming self-sufficient again. The move has proven to be a smart one, as one of the largest gaming operators in the country, OPAP, saw substantial increases in revenue last year.
Legalizing VLTs in the country has resulted in considerable revenues for the state’s coffers. According to reports, the regulated gambling sector brought in €662 million ($805.89 million) in gross gaming revenue taxes in 2017, about €35 million ($42.6 million) higher than 2016. Still, the government work isn’t done—data from Financial Police showed that there are more than 100,000 VLTs still operating illegally in the country.
The government attributed the rise in GGR tax revenue mostly to online gambling service providers, whose contributions grew by €23 million ($28 million) last year. OPAP’s contribution was also up by €16 million ($19.47 million).
The company recently reported its Q4 earnings and recorded revenue of €1 billion ($1.2 billion) from video lotto terminals (VLT). OPAP operates a total of about 10,000 VLTs in the country and recently was granted authorization to expand, which could push those numbers up to around 25,000.