With the economy of Greece subsiding, the government heads have come up with one idea of incorporating a betting strategy that would improve the economy. This move will involve having a fresh way of licensing the Internet betting operators. This comes after its previous system collapsed. The new system will go to an extent of welcoming foreign casinos to apply for the license.

For long it has been evident that residents of Greece have been huge fans of online gambling. On that matter, the country has a number of betting casinos such as Jackpot City Casino, Dublinbet casino as well as 2winbet. Nonetheless, despite having these amazing casinos, the national government has failed in incorporate a well managed licensing strategy which has seen huge chances being lost. Since 2013, the betting operators have attributed an amount believed to be less than €60,000. This is an insignificant amount of revenue that a whole nation can recuperate from the betting operators.

Nonetheless, the little amount collected over the period has brought some sense by the Greek Syriza government which has said that it will initiate a new project that has segmented schemes on how the licensing to betting operators should be conducted. When this is done, the government has set eyes on average income from taxes from betting operators to about €500 million per year. The €500 million revenue raise from €60,000 is a huge task and it will take much effort and vigor to achieve it. The Deputy Finance Minister of Greece Tryfon Alexiadis claimed that the government will do all it can to oversee this income rise as from this year. The new regime of having a new license would be crucial in the creation of a substantial in having a peaceful betting environment which will attract more clients especially from outside the nation.

During the election campaign, the Greek ruling party brought up a strategy of having 7 distinctive pylons with each license going for €3 million. This will be a big boost for online operators who would smile all through with the knowledge that the authorities have no intention of curtailing their profit margin in any way. The project is on look out as to how the Greek government will incorporate it without having particular agendas of interest.

Unlike in the previous years, UK bookmakers have not been lucky in 2015 with its ambition of becoming the best political indicator. This is because the betting markets have not been able to predict correctly a political outcome for the second time this year. Could it be that trends have changed?

During the Greek’s referendum held on Sunday last week, UK bookmakers favored a YES verdict. On the other hand, Paddy Power who offered 2/7 with confidence for a Greek Yes, declared its ‘five figures’ payment four days earlier as the UK bookmaker pulled out of its political market.Even so, the bookmaker’s early pay out of five figures was shattered by an uneven 61% win of Greek NO vote in the Sunday’s referendum.

It is with no doubt that Paddy Power testimonial sent to Bloomberg.com, a financial news source after wrong prediction would read: “My Bad.”

The Irish bookmaker claims to have been overexcited in paying out and that after Paddy Power called the Greek referendum wrongly with a lot of confidence, they are feeling like burying their heads under the sand this morning.

Generally, the Greek’s referendum outcome is a clear representation of another failure of political forecasting by bookmakers.

Another example is in April/May during the UK General Election, the bookmakers had also predicted a win for Labour-SNP hung parliament.

Besides that, during the Scottish independence referendum that happened in September 2014, UK bookmakers had been completely off the mark with the results.

All the same, bookmakers should not lose hope and take encouragement from research firms and political polling, which are ever criticized for failing to provide adequate forecasting data and calling the Greek referendum correctly but still keeps going. After all, that is what makes betting interesting.