Greece’s ongoing financial crisis and standoff with European leaders could have repercussions that impact the worldwide economy.

That impact extends also to the gaming industry, as Greece’s attempts to avoid defaulting further on its debts may show costly to companies like International Game Technology (IGT) and Scientific Games.

Those manufacturers were hoping to provide video lottery terminals throughout Greece, utilizing the games just days away from a planned launch. But, the Hellenic Gaming Commission announced lottery that is new within the wake of the nation’s financial crisis, leaving much uncertainty as to the short-term future of the industry.

New Regulations Limit Play, Jackpot Size

Each day under the new regulations, daily loss limits were to be added to the machines, and gamblers would be limited as to how much time they would be allowed to play on a machine. Jackpot levels would also be reduced under the regulations that are new.

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

Taking a look at the problem realistically, the timing of the regulations that are new OPAP’s choice may just be coincidental, and it’s hard to see how it might be directly related to the battle over Greek financial obligation. But that doesn’t mean that the crisis that is ongoingn’t be a element in how the lottery terminal battle is resolved.

‘The delay does not have anything to do with the existing debt crises apart from maybe OPAP playing hardball with all the regulators hoping that they will cave because they need the brand new income tax income,’ said Todd Eilers of Eilers Research.

IGT, Scientific Games Could Lose Revenue

Should this be just a negotiating tactic on the part of OPAP, it could be a pricey one for slot machine manufacturers like IGT and Scientific Games. Both of those companies were producing terminals for the Geek market, and the delays could potentially price those two firms millions in revenue.

IGT ended up being awarded a vendor contract to give 5,500 lottery machines, while Scientific Games was slated to make 5,000 devices for the market. Two European manufacturers, Inspired Gaming and Synot, were additionally awarded vendor that is first-phase.

IGT was anticipated to make up to $30 million in yearly revenues from the machines provided to Greece, while Scientific Games could bring in as much as $27 million.

The delays therefore the financial crisis have certainly brought some uncertainty to the Greek movie lottery terminal market, but Eilers says that in the long term, Greece should still be a lucrative market for manufacturers.

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

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

Greeks voted ‘no’ on the strict lending terms offered by worldwide creditors on Sunday, with over 61 percent of voters developing against the terms.

But that vote does not mean that Greece isn’t willing to negotiate. Prime Minister Alexis Tsipras says that the Greek federal government is still prepared to create some changes in an effort to receive assistance from Europe, and requested a three-year loan from the eurozone’s bailout investment on Wednesday.