Greece
Unorthodox approach With a yo-yo gambling industry
Greece finally seems to be bouncing back. After almost 10 years of a
transitory system, the online gaming regulations are in place; the OPAP’s
25,000 VLT machine quota are out in the market and there’s a new integrated casino resort opening.
Good things come to those who wait. Greece has been attempting to revamp its online gambling market for the last decade since it was first regulated in 2011 via Law No: 4002/2011. Tis law reformed several sectors of the Greek market including the introduction of VLTs and set up a regulatory framework for online gambling. However, a secondary regulation and formal licensing process was not completed and the sector has existed via a so-called transitional temporary licensing system since this time. Tis permitted online gambling operators licensed in other EU or EEA states to operate in Greece. Tere are 24 such operators operating under this temporary licensing set up.
Finally, in October last year, the Law No. 4635/2019 amended the 2011 law and there are now a set of regulations in place and the introduction of a new licensing process and taxation changes.
Tis law regulates both online betting and other online games (such as casino games and poker) and gives the 24 online companies a chance to apply for temporary approval of online
P38 NEWSWIRE / INTERACTIVE / MARKET DATA
gambling operations until March 2020.
Te Hellenic Gaming Commission (HGC) has also issued regulations on fixed odds betting online provided by OPAP and on pari-mutuel betting on horse racing operated by Hellas Horse Races.
Te online gambling reforms were modified by the Ministry of Development and Investment and included in the Invest in Greece package. Tey have been approved by the European Commission and Greece’s House of Representatives and first sanctioned back in September 2018 in a bid to overhaul the licensing regime.
Tere are several changes which include: l
l
Online sports betting permits will cost €3m (€1m less than suggested a year earlier).
l
Online casino and poker permits will cost €2m (this is double the amount proposed earlier).
l
A €500,000 letter of guarantee is required and application fee is set at €10,000.
l
Only companies with a minimum share capital of €200,000 and registered in Greece or EU or EEA member state can apply.
l
Licences will be valid for seven years, whilst the fees apply for renewals. Licensees must give notice of renewal one year in advance.
l
Online licensees will see a 35 per cent tax on GGR. However, operators can now deduct their revenue tax before a 20 per cent corporate tax is applied.
l
Online companies must use a .gr domain and base servers in Greece. Te Hellenic Gaming Commission can have access and records must be stored for 10 years.
Any company already listed on the blacklist will have to wait for a period of 12 months before applying for a licence.
l Te 24 online operators issued temporary
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