Profits Slide in Greek Land-Based Casinos

Greek economic crisis contributes to decrease in turnover at land-based casinos.

The turnover of Greek land-based casinos from January to November 2011 was down 18.5% on the previous year, recently released figures revealed.

The figure continues a worrying trend, with turnover decreasing by 17.7% in 2010 and 16% in 2009, dispelling the myth that people turn to gambling in times of economic crisis.

As the Greek state receives between 20-33% of casino turnover, the latest figures will contribute to the country's economic woes.

The steady drop is said to be caused by the huge reduction in the disposable income of Greeks and the unregulated growth of illegal and online gambling.

In further bad news for the industry, it emerged that turnover is also down in other gambling sectors, such as state lotteries, sports betting events and racing. The collective turnover for these sectors in 2011 was €7 billion, compared with €8.5 billion in 2010.