I believe so, here in Portugal each new game is about 60/70 euros, that in dollars is almost between 85-100 dollars. Make it a 20% profit for publishers, and that makes it between 17-20 dollars per game, way more than 10 dollars they usually make over at NA.
And releasing a game over her at EU can't take them those 70-100% more profit than a NA release, even with taxes and legislation issues.
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