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Greek Land Based Casinos Suffer Notable Revenue Decline in 2011
Greece’s land-based casinos experienced a substantial drop in activity last year. From the months January to November 2011, an 18.5% total decline in revenue was recorded compared to the same period of time in 2010. Last year’s decrease has worsened the declining gambling market, which has been on a steady decline since 2009, which saw a 16% decrease followed by a 17.7% decrease in 2010.
The continual reduction has negatively impacted the revenues of states, due to the fact that the state receives an estimated 20% to 33% of casino profits. The decrease has been link to fewer Greek citizens having less money to gamble, as well as to proliferation and uncontrolled development of illegal and online gambling.
Gambling market experts have also found similar negative issues in other gambling game industries including state lotteries, sports betting events, and racing. In 2011, the turnover in these gambling games totaled only €7 billion, a notable drop compared to the €8.5 billion from two years ago.
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