Greece’s ongoing economic crisis and standoff with European leaders could have repercussions that impact the economy that is global.

That effect extends even to the gaming industry, as Greece’s efforts to further avoid defaulting on its debts may prove costly to organizations like Overseas Game Technology (IGT) and Scientific Games.

Those manufacturers were hoping to provide video lottery terminals throughout Greece, aided by the games just days away from a planned launch. However, the Hellenic Gaming Commission announced brand new lottery regulations into the wake of the nation’s financial crisis, leaving much doubt regarding the short-term future of the industry.

Brand New Regulations Limit Play, Jackpot Size

Under this new laws, daily loss limits were become included with the machines, and gamblers would be limited as to how enough time they would be permitted to use a machine every day. Jackpot levels would additionally be lower under the brand new regulations.

That didn’t stay well with OPAP, the Greek firm that operates the video lottery terminal network. In a declaration, the company said that the brand new regulation would make operating the terminals ‘no longer viable,’ and immediately stopped the deployment of 16,500 machines throughout the country.

Considering the problem realistically, the timing of the regulations that are new OPAP’s choice that are coincidental, and it is hard to see how it would be directly related to the battle over Greek financial obligation. But that does not imply that the ongoing crisis won’t be a factor in the way the lottery terminal battle is resolved.

‘The delay doesn’t have anything regarding the existing debt crises other than maybe OPAP playing hardball using the regulators hoping that they will cave because they need the brand new taxation income,’ said Todd Eilers of Eilers Research.

IGT, Scientific Games Could Lose Revenue

Should this be just a tactic that is negotiating the component of OPAP, it may be an expensive one for slot machine manufacturers like IGT and Scientific Games. Both of these companies were terminals that are producing the Geek market, and the delays may potentially price those two firms millions in revenue.

IGT had been awarded a merchant contract to offer 5,500 lottery machines, while Scientific Games was slated to make 5,000 machines for the market. Two European manufacturers, Inspired Gaming and Synot, were also awarded first-phase merchant contracts.

IGT was expected to make up to $30 million in annual revenues from the machines offered to Greece, while Scientific Games could make as much as $27 million.

The delays plus the crisis that is financial undoubtedly brought some uncertainty to the Greek movie lottery terminal market, but Eilers says that in the long term, Greece should still casino-online-australia.net be a profitable market for manufacturers.

‘We nevertheless believe the VLT market will move forward and represents a growth that is sizable for vendors,’ he said.

The negotiations over the future of Greece’s lottery terminals comes at a right time whenever much larger battles are increasingly being waged throughout the country’s financial future.

Greeks voted ‘no’ on the lending that is strict provided by international creditors on Sunday, with more than 61 percent of voters coming out against the terms.

But that vote does not mean that Greece isn’t willing to negotiate. Prime Minister Alexis Tsipras states that the Greek government is still ready to produce some changes in an effort to receive assistance from Europe, and asked for a three-year loan from the eurozone’s bailout fund on Wednesday.