Greece Looks To Online Casinos To Help Solve Its Financial Meltdown

Greece Finance Minister Yanis Varoufakis is rolling the dice by having a new online gambling reform that hopes to extend the regards to its bailout program.

Greece was in financial spoil for lots more than five years, but its new Finance Minister Yanis Varoufakis believes online casinos could at minimum partially assist in its data recovery. In a letter that is 11-page Eurozone officials, Varoufakis presented seven reform propositions, one being to reinstate Internet gambling through the issuing of brand new gaming licenses at a price of €3 million ($3.25 million) each.

‘On the basis of available market estimates, the market that is overall of gambling in Greece exceeds €3 billion euros annually,’ Varoufakis writes. ‘On fairly plausible assumptions, additional public revenue through the taxation of licensed online titanic slot machine jackpot gambling could well exceed €500 million per annum.’

When Greece neglected to precisely manage its finances and had been bailed out in 2010, it fell under control of the European Commission, International Monetary Fund, and European Central Bank.

This so-called ‘troika’ has lent Greece 240 billion euros ($260 billion), but the loan terms have actually expired. Following a snap election in January that resulted in a fresh government and Prime Minister Alexis Tsipras, Greece requested a six-month extension before it must start repaying the loan that is astronomical.

Game of Loans

Varoufakis, a celebrated economist and game theory expert, has been criticized into the media for employing game theory techniques into his negotiations, a claim he adamantly denies. Appointed by PM Tsipras, Varoufakis is responsible for convincing the troika to grant an extension.

In February, the country submitted a formal request, with Varoufakis saying that if Greece is forced to begin repaying the loan now the action could ‘undermine the fiscal targets, economic recovery and financial security’ the country has accomplished. Germany quickly rejected the appeal and insisted Greece’s reforms should be much deeper, and that current changes haven’t sufficed.

The troika permitted Greece to register a new reform plan in determining whether to grant the expansion, hence Varoufakis’ letter that is latest. At a gathering Monday in Brussels, Eurozone finance ministers displayed impatience, suggesting Greece is simply buying time through rhetoric. ‘ There is no further time to lose,’ Jeroen Dijsselbloem, president associated with the Eurogroup said. Direct talks utilizing the troika will begin on Wednesday in Brussels.

On Line Gambling Bluff?

If Varoufakis is engaging game theory into his negotiations, one might assume his reform regarding on line gambling is nothing greater than a bluff. The troika forced Greece to sell off its state-owned gambling monopoly OPAP in 2011 and revoke 24 temporary licenses parliament authorized of prior to the OPAP sale as a result of just what the EU Commission claimed was initiated simply to increase the sale price.

Varoufakis’ new plan would give those 24 operators an avenue for re-entry and welcome in potential new online casinos and platforms. That is, needless to say, assuming some of them actually want in. Greece’s present taxation structure on gross gaming earnings is especially high due to a player’s inability to offset gains using one with losses on another day. As being a result, many Greeks play the majority of their gambling that is online at market sites.

Varoufakis understands this, which is why his casino that is online proposition be nothing more than tactics. Include on another proposed reform in which he implies the Greek federal government hire non-professional taxation inspectors, including tourists, to spy on tax evaders, and it may be even more obvious that politics really is just a game.

New Jersey Lawmakers Waiting On Atlantic City Tax Plan

Chris Christie says he is looking forward to input from an emergency management group before carefully deciding whether a tax would be signed by him relief bill for Atlantic City casinos. (Image: Reuters)

Governor Chris Christie has vowed to help Atlantic City rebound from years of declining casino revenues, and one of the major proposals from the legislature doing just that is just a income tax relief plan that would stabilize the city’s finances.

But with key deadlines approaching, legislators, Governor Christie and Atlantic City Mayor Don Guardian all may actually be playing a waiting game that can’t carry on for much longer.

At problem is really a tax relief plan proposed by State Senate President Stephen Sweeney (D-Gloucester). Known while the Casino Property Taxation Stabilization Act, Sweeney’s bill would remove the doubt over home taxes that casinos could have to cover throughout the next 15 years, instead having them make fixed payments in place of taxes each year.

Property Tax Dispute Deadline Approaching

This year, however, the casinos would need it to happen soon if that plan is to go into effect. April 1 is the deadline for Atlantic City gambling enterprises to file appeals over their house tax assessments for this season, a procedure that has cost Atlantic City about $400 million in tax revenue over the very last couple of years. If the new bill were to pass through into legislation, there would be no need for such appeals, as each casino would simply pay a fixed amount as opposed to depend on an assessment to determine their tax burden.

Sweeney’s plan has support in both the State Senate and hawaii Assembly, where Assemblyman Vince Mazzeo County that is(D-Atlantic sponsored an identical package of bills. This has also been endorsed by Guardian, the mayor that is republican of city. Nevertheless, Governor Christie has yet to endorse the plan, saying he really wants to see what the crisis management team which he has put responsible for Atlantic City’s recovery recommends.

‘What’s the holdup?’ Sweeney asked a week ago. ‘We have the votes to pass it. The Atlantic County executive and the freeholders are because of it. They are all on board. Oahu is the administration.’

Bills Waiting on Support from Governor

Sweeney said that the bills are set to be voted on, but that he would not begin the method until he was particular that Christie would sign them into legislation. Christie has previously stated that Sweeney’s plan along with other some ideas may well not enough go far in producing ‘a plan for long-term success in Atlantic City.’

Guardian, however, believes the bills are critical for his city’s future.

‘Our residents and companies alike need these bills to be passed,’ Guardian stated. ‘I’m confident that everyone involved in the process will see essential they are to Atlantic City’s long-term stabilization that is property-tax will pass them.’

The Casino Association of nj agreed, saying in January that is was necessary to pass this type of relief plan if the video gaming industry ended up being to survive in the state.

‘Make no mistake. Without this plan, certain casinos that stay in Atlantic City are at danger,’ the team said in a statement urging the bill become passed and finalized by the governor.

Nj-new Jersey residents look to be on board with the basic idea of supporting Atlantic City aswell, regardless if it needs state support. In a poll that is recent the Rutgers Eagleton Institute of Politics, 57 percent of New Jersey respondents said that they believe Atlantic City should receive state assistance, while just 35 percent said the town should handle its dilemmas alone. Still in Rumored Takeover Negotiations with Amaya and William Hill

Philip Yea, president of, state his board continues talks with each party to see who brings the most to the purchase table. (Image: has announced that takeover negotiations throughout the sale of all or part of its assets with significantly more than one unnamed business have intensified, and talks are now at a ‘further phase,’ business Chairman Philip Yea said today.

Last thirty days, the business’s stocks dropped by 20 percent in one single day following reports that negotiations had broken down, prompting to quash the rumors.

Shares bounced back slightly a few days later when further market chatter suggested that Amaya Gaming was still courting the company, and the news that a takeover deal between William Hill and 888 Holdings ended up being speculation that is off invited the British bookmaking giant might now also be eyeing a move for

Who is at the Table?

Amaya was associated with a $1.2 billion acquisition for the company last November, whenever Financial Times Alphaville Editor Paul Murphy and Bryce Elder from the FT’s London markets announced that their ‘usually reliable supply’ had stated the deal was ‘all but wrapped up.’

Bwin, which up until that point had denied that it had opened up ‘preliminary discussions with a range interested parties. that it needed a purchase, had been forced to confirm’

At the exact same time, a few news outlets additionally reported that Playtech, Ladbrokes, and Apollo Global Management (which partly owns Caesars Entertainment), were additionally courting the company.

In accordance with Yea, a true number of indicative proposals are still in the dining table.

‘The board has entered right into a stage that is further of with every party with a view to assessing the relative attractions of these proposals,’ he told media sources today.

Delays in the takeover speaks tend to be a total result of this complexity of this negotiations. There’s even conjecture that prospective purchasers may be more thinking about acquiring specific company assets, rather than the company that is entire.’s sports arm that is betting for example, will be more desirable than its underperforming poker operation. Meanwhile, its reliance markets in unregulated nations may additionally be an issue that is thorny potential buyers.

Profits Continue to Fall

Amaya, however, might be ready to soak up partypoker, perhaps viewing its established and licensed operations in nj-new jersey as a secured asset, while bwin’s proven expertise that is technical the online sports betting market might bolster its ambition to launch a PokerStars sportsbetting platform across Europe.

Meanwhile, posted a decline that is year-on-year total company revenues from €652.4 million to €611.9 million in 2014, and an operating loss after tax of €94.3 million compared to a profit of €41.1 million in 2013.