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Greek Gambling, a Centuries-Old Tradition, Very Much Alive in Modern Times
The gambling industry in Greece, a booming modern institution, is steeped in centuries of tradition.

The Greek gambling industry, which includes both traditional and online gambling, and is run by operators both in Greece and abroad, has grown exponentially in the past few years. In 2003, it grew by 11 percent from the previous year. In 2004, experts put gambling growth at 18 percent. This year, pundits expect to find that activity has grown by 10 percent since last year.

Greeks spend more money on gambling activities than Americans and many Europeans. The average Greek citizen spent, in 2004, about 550 euros on gambling. In comparison, Americans spent slight more than half that sum, with the average person losing 247 euros. UK residents spent more, approximately 580 euros per capita. However, the income of the average UK citizen is much higher than that of the average Greek citizen, which means that, Greeks spent, proportionally, a much greater amount. Greek citizens particularly enjoy playing the lottery; Greek lottery sales per-capita were third in the world in 2003, after only Spain and Norway.

Greek gambling operators are now preparing for the expansion of their businesses on the international front. As more European countries liberalize their gambling laws, Greek gambling companies see opportunity to brave the frontier to Western Europe and beyond.

Conversely, foreign companies have recently announced plans to take advantage of the Greek love of gambling. The UK- based William Hill Plc, which happens to be the world’s number two gambling operator, has recently made a foray in Greek dealings, including a partnership with the Greek operator Demco Group. Several online gambling venues cite Greece as already being one of their most profitable locations.

The Greek people gamble on New Years’ Eve in particular. It is commonly believed that, if one is lucky on that day, he or she will also be lucky for the rest of the year. Some Greeks cite the origin of this popular superstition in the “pita cutting” tradition: Typically, on New Years’ Eve, Greek families gather together to eat cake. When the pieces are distributed, one of the family members will find a coin in his or her slice; this person is considered to have been blessed by divine fortune.

Gambling that does not take place in the home typically takes place in traditional Greek cafes, or “kafeneios.” There, groups of friends and acquaintances, mostly male, drink strong Greek coffee and play cards or make other bets. On New Years’ Eve, many Greeks play “31,” which is this country’s local version of blackjack.

Although Americans and others may take their gambling very seriously, in Greece gambling, especially on New Years’ Eve, is more about fun, family, and tradition that winnings.

Greek Gambling, a Centuries-Old Tradition, Very Much Alive in Modern Times / 01 jan 2006
The gambling industry in Greece, a booming modern institution, is steeped in centuries of tradition.

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