Illegal VLT gambling market estimated at around a billion euros

3 January 2017
851 Views

Illegal gambling at Internet cafes and unlicensed mini-casinos appears to be on the rise in Greece, with police making 300 arrests in 51 raids in the last fortnight of 2016 alone.

According to official figures from gaming watchdog EEEP, over the course of last year police raided 480 establishments operating unlicensed gambling terminals or illegal casino games and made 1,513 arrests, also seizing some 160,000 euros in cash.

Authorities have also seized hundreds of computers that were illegally used as video lotto terminals, or VLTs, which appear to be the game of choice for Greek gamblers.

Experts, in fact, estimate that illegal VLT gambling is one-billion-euro market that results in losses to the Greek state from taxes of around 300-400 million euros.

Police say that curbing the phenomenon is a difficult task as the fines for operating illegal gambling machines are extremely low compared with the profits that can be made. A case in point is an establishment in the center of Serres in northern Greece, which was raided eight times in under three months and found to be in violation of gambling laws.

You may be interested

Reuters: Strong demand for Greek & Austrian bonds
FINANCE
shares29 views
FINANCE
shares29 views

Reuters: Strong demand for Greek & Austrian bonds

makis - Jan 27, 2021

Strong demand emerged today for bond issues from Austria and Greece, which followed larger Eurozone countries that issued bonds earlier…

Lost city of Alexander the Great is found in Iraq using US spy footage of the area captured in the 1960s!
GREECE
shares22 views
GREECE
shares22 views

Lost city of Alexander the Great is found in Iraq using US spy footage of the area captured in the 1960s!

Panos - Jan 27, 2021

Alexander the Great‘s ‘lost city’ was a magical place where people drank wine and naked philosophers imparted wisdom, ancient accounts…

Hidden Masonic links to the legendary treasure of Oak island
GREECE
shares19 views
GREECE
shares19 views

Hidden Masonic links to the legendary treasure of Oak island

Panos - Jan 27, 2021

According to legend, a young man named McGinnis was wandering Oak Island, an island in the Mahone Bay off the…

Leave a Comment

Your email address will not be published.