Last year, Greece was one of the few European countries to ban online gambling, but it seems now that the country’s government is changing its tune. Seeing how profitable online gambling legislation has been for other countries in the European Union, Greece has now drafted its own bill that would legalize and regulate the online gambling industry in the country.

Currently, residents of Greece spend more than $4 billion each year at online gambling websites that are running illegally in the country. With the new bill, the government hopes to recover some of that lost income, using it to help recover from its current financial situation.

Despite having been bailed out last year and avoiding bankruptcy, Greece is still having a hard time repaying its loans. So, the prospect of regulating an activity that its citizens already take part in seems more than fair, as well as being a beneficial solution to the problem.

The draft bill that has been drawn up for the legislation states that 15 to 50 operators will received licenses to operate within the country. There has been no word yet on whether or not it will be passed.

In an interesting turn of events the iGaming Super Show in Europe will feature a guest speaker from a country where online poker and other games are still illegal. It has been confirmed that Frank J. Fahrenkopf, the current President of the American Gaming Association will be the keynote speaker at the convention in Dublin in May.

The interesting aspect here is that at a time when his home country has a Congress full of Republicans who are thought to be anti-online gambling, Fahrenkopf is widely regarded as one of the biggest proponents of online gambling in the United States. To that end, industry insiders are expecting a speech from him that will at least touch on the subjects of the status of Internet online gambling in his homeland.

He is also expected to speak on the online gambling market and how it will be affected globally when America decides to legalize the past time and enter the global community. The American Gaming Association has softened its position concerning online gambling as technology has advanced and they can be assured now that restrictions can be put in place to limit the amount of money that people have at their disposal to bet.

Greece is currently one of the few European countries that still has a ban on online gambling. However, the country’s government is changing its mind about things and is now planning on submitting a legislation that would regulate Greece’s online gambling industry and issue licenses to operators.

Like many countries that have recently sought out online gambling legislation, Greece is hoping to boost its economy by regulating the online casino industry. According to Bloomberg.com, the legislation will increase government revenue by €1 billion over the course of three year. After the country’s recent bailout, Greece is now struggling to pay revenue collection to the European Union and the International Monetary Fund.

Currently, the worth of Greece’s online gambling industry is estimated at about €4 billion. Over the years, it is expected that the country will recover more and more of that revenue from offshore operators.

This will certainly provide the country will much-needed financial relief. Other countries are also deciding to follow in Greece’s footsteps, as an increasing number of EU member states begin to regulate their online gambling markets.

Members of the European Parliament are urging Europe’s Internal Market to take charge of the online gambling issues and set rules that every nation in Europe will follow. More important than legalizing online gambling is regulating it so that the government can monitor people’s gambling habits and ensure age limits are being followed.
 
The European Union does not currently represent all of Europe and therefore any rules they set can be overturned by individual nations. This makes it difficult for governments to measure how well their country is doing and whether or not  online gambling causes serious problems.
 
The Members of European Parliament want regulated online gambling because of their concerns with the effects of gambling on minors, addiction and any illegal business operations.
 
Online gambling is a 70 billion Euro industry in Europe and it is understandable that operators want a piece of this revenue. If individual nations are making their own rules concerning online gambling, there could be a disadvantage for certain operators but an advantage for others. For example, France is currently fighting for the rights to govern online gambling in their country by prohibiting international operators from obtaining a license in France. Therefore, only French operators are able to maximize France’s portion of the revenue.
 
Members of the European Parliament insist that online gambling be regulated and are pushing for that to happen soon.