Update GREECE GAMING MARKET
• Thirdly to determine how the network will be controlled in addition to OPAP responsibilities
• And finally to set the certification standards in line with OPAP’s RFI requirements.
The Greek government raced against time to have some financial reforms in place before the next round of audits by the IMF schedule for the end of August and after three days of debate the Finance Minister managed to get the online gambling bill passed just in time. Now however the actual implementation has slowed whilst some are still arguing that the law is against EU regulations.
The law includes the following:
• Greece will legalise 35,000 low stake gambling machines (VLTs). OPAP will directly operate 16,500 machines and sub contract the rest to other operators through four to 10 renewable licenses. Each market participant will be able to acquire only one license, but in case some of the licenses remain unsold during a tender process, the rest of the terminals can be evenly distributed to those that would have already received a license
• To apply for an online gaming license the company must have a locally
incorporated company with a minimum deposited capital of €200,000 plus a letter of guarantee by a credit institution for €100,000.
• VLTs can be operated in various locations with a maximum of 30 machines. These include so-called ‘Pure Rooms’ (gaming arcades) or ‘Mixed Spaces’ which are shops with a minimum of 80 sq.m, where the commercial activity is entertainment (except nightclubs or bars). The maximum of games here may not exceed three.
• The minimum amount for play would be €0,10 and the maximum €5 although these figures may be adjusted by the Committee.
• Players must also have an individual player card to participate to identify player’s age, tax identification number, flow of money and any other restrictions set.
• There will be no cap on the payout rate for online casinos however there will be a payout floor – a minimum rate that the casinos must pay out. Online casinos and low stake gambling machines would both be required to have a payout rate of at least 80 per cent.
• Tax rate would be set at 30 per cent on Your C Casinos Everywhere Michael Jackson − ©2012 Triumph International, Inc. under license from Bravado Merchandising. All rights reserved. Performing at
Operators currently
operating in Greece may also have to pay gambling taxes on any
revenues earned
from Greece based customers
retroactively from Jan 2010 until the new licenses are awarded. This is equivalent to a market entry fee
that will have to be paid by all
operators who are currently unable to be licensed in Greece.
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