Written by Thomas | Thursday, January 27th, 2011

The downward-spiraling economy of Greece has caused its government to seek alternative ventures in building its country back up – most recently, through the act of handing out gambling licenses to at least 50 operators by the end of 2011.

Greece has been in a freefall economically since its announcement last year that claimed the country was riddled in debt by the billions.

Under the new plan, the country would grant up to 50 licenses to internet gambling corporations and allow for “thousands of low-stake (VLT) gaming machines [to be operable] by the end of the year,” according to Reuters.

The deal would apparently bring in hundreds of millions in added revenue, allowing Greece to pay off its debts and avoid being completely bankrupted.

The bill is expected to be voted on during the first quarter of this year and they fully expect to be naming new gaming licensees before 2011 is over.

Current laws in Greece have online slot machines and other gaming technology banned, which has been in effect since 2002.  Although unlicensed gambling is a 4 billion euro a year business, the Greeks have had an extreme blanket ban on it for nearly a decade, making the move to allow for online gaming licenses that much more surprising.

We will keep you updated on the story as it progresses.

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