We reported recently on Greece’s plan to hoist itself out of its debt mire with the help of legalized gambling. New information released to Reuters by a senior government official confirms some specifics.

The most ambitious of the country’s plans include awarding as many as 50 online gambling licenses by the end of 2011. In addition to sorely-needed revenue (estimated to exceed €700 million), the legalized gambling would satisfy EU fair trade regulations that have cost Greece millions of Euros since the country banned most gambling nearly a decade ago.

No word yet on the front-runners for these coveted licenses, although one might expect the major European online gambling companies such as 888 and PartyGaming to be extremely interested in these developments. On the other hand, Greece could take the ‘French route’ and award the majority of the licenses mainly to companies with closer ties to its government.

Other details confirmed include the addition of thousands of ‘videolotto’ games throughout the country. These machines are basically lottery terminals designed to accept a limited amount of low-stake wagers. No official word on the range of payouts, but it’s a safe bet that they will offer infrequent big jackpots, probably in the 5-6 figure range, and possibly a handful of smaller (2-3 figure) wins.

These plans are pending government approval, but most predictions anticipate little difficulty getting the bill passed into law during the first quarter of 2011, with most or all changes implemented by the end of the year to fully satisfy the EU/IMF bailout requirements.