Greece Proposes New Gambling Regulations

Published Tuesday, September 11, 2018 - Online-Casinos.com
Greece Proposes New Gambling Regulations

The gambling climate in Greece has been slightly different from other European jurisdictions in so much that it has been evolving very slowly with the Greek government attempting to maintain control. After a number of setbacks in Greece the Greek Finance Minister Euclid Tsakalotos has presented the initial framework for a new online gambling licensing regime with the aim of overhauling the gambling industry’s regulations. The country did managed to secure European Union  approval for its plans to change the tax laws. Rather than being charged the flat-rate tax of ten percent on all winnings, Greek players will be charged according to a progressive model. Greeks are now charged tax on winnings that are over €100.

The proposed new framework has the Greek government attaching a €4 million fee for an online sports betting licence, with operators also being made to pay an additional €1 million for operating other online gambling services and products. The government since 2011 has permitted 24 operators to operate online gambling with the use of ‘transitional permits’. The proposed new regime by the Ministry of Finance is allowing  these 24 operators the first crack at securing a new online gambling license.  Greek authorities have said that ‘black-listed operators’ will not be permitted to apply for licensing for a period of up to 12 months.

Conditions of the license that will be valid for five years also include operators being required to verify they have been legally operating in European Union jurisdictions and they must reveal three years of corporate financial records to the government. A deposit of €500,000 must be made to the Greek Finance Ministry by prospective operators upon applying for an online betting license. There are a number of other variables such as little information as to whether the Greek government will also adjust its 35% revenue tax on online gambling products.

The new rules of engagement are not particularly favourable to most stakeholders already involved in the Greek gambling jurisdiction.

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