Greece Online Gambling Regulation

The Greek Ministry of Finance submitted its draft gambling regulations to the European Commission in January 2020 after being passed in the country’s parliament last October. The submission confirms that separate licences will be made available for online sports betting and other online games, priced at €3m and €2m respectively.

For months, lawmakers in Greece have been looking at ways to generate more revenue from the gambling industry. This week, a set of new gambling laws in Greece was officially approved by Parliament. It’s an exciting time for both gamblers and gambling operators in this country.

Many countries in Europe are choosing to update their gambling regulations. Today, we’re going to look at what new laws Greece has approved. We’ll also talk about how these new regulations will affect gamblers and gambling companies in this country. Let’s get into it!

Online gaming licences are only granted to legal entities which have their registered office or their permanent establishment in Greece, or in a European Union or European Economic Area Member State and are taxed according to Greek Tax Law. It is also obligatory for the website to have the URL suffix “.gr” (Article 46 par. After the regulation of TV licenses, Greece is trying to regulate the online gambling landscape. A new government-commissioned study has suggested Greece stick with its controversial plan to impose a 35% tax on online gambling revenue.

Greece Flip Flops on Tax Raise For Online Gambling Operators

As we’ve already mentioned, lawmakers in Greece have been working hard to generate more money from the gambling industry. Not long ago, the Ministry of Development here introduced a plan to hike gambling taxes for online gambling operators. It was supported by many individuals, who felt it was time for gambling companies in this country to pay more money.

Under the proposed set of laws, online gambling operators in this country would be required to pay 35% of their gross gaming revenue to the government in taxes. Operators would also not be able to deduct this tax before any corporate tax is applied.

Several days ago, reports surfaced that the government was reconsidering these plans.

Now, it appears that the government is changing its stance on again. Parliament has officially approved the new gambling laws in Greece.

Let’s look at what’s coming here.

New Gambling Laws in Greece, Explained

As we’ve already mentioned, online gambling operators in Greece are seeing their tax rates increase. There are also a number of new regulations that are coming here. Many companies are also now able to continue offering popular games.

Under the new gambling laws in Greece, online gambling operators are now allowed to offer their players Random Number Generators, such as slot machines. The licensing fee for online casino operators has been moved to €3 million. A 35% gross gaming revenue tax is being placed on these companies. A 20% corporation tax is also being implemented.

All 24 of the licensed online gambling operators in Greece can continue offering services here until March of 2020. Once this date arrives, these companies must reapply for a new license. The companies previously blacklisted by the government will not be eligible to apply for one of these new gambling licenses.

These new regulations will almost certainly help the government receive more money. The higher tax rate, in particular, will have a major impact on revenue earnings. Hopefully, the online gambling operators here choose to reapply for their licenses in 2020.

Greece Online Gambling Regulations

Recently, one of the top US casino companies revealed its plans for a new casino near Athens.

Mohegan Gaming Pushes to Operate Casino in Greece

Greece Online Gambling Laws

Mohegan Gaming & Entertainment is one of the biggest casino companies in the US. Earlier this month, officials within this company revealed their plans for a casino in Greece.

The Greek government is currently taking bids for the right to operate a casino-resort on the Athens Riviera. As of now, only two companies are competing for the right to operate this new gambling venue. Mohegan Gaming announced that it’s teamed up with a major Greek company to construct an $8 billion resort called Hellenikon, on the sight of the former Athens airport.

Mohegan plans to construct two major skyscrapers with the casino-resort. A luxury hotel, entertainment area, and an entire sports venue will open, too. The casino is expected to be constructed within two to three years.

The new gambling laws in Greece will not affect the country’s land-based casino industry.

Do you think these new gambling laws in Greece are fair? Let us know in the comments section below!

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The Hellenic Gaming Commission said submissions can now be made online for all legal entities, including shareholders, key executives, manufacturers, technology suppliers and certification bodies.

Two types of licences are available – to conduct online betting and to conduct other online games of chance.

The Greek Ministry of Finance submitted its draft gambling regulations to the European Commission in January 2020 after being passed in the country’s parliament last October.

The submission confirms that separate licences will be made available for online sports betting and other online games, priced at €3m (£2.5m/$3.4m) and €2m respectively. Each will run for seven-year terms.

Per the bill passed last year, the 24 operators that were granted temporary licences in 2011 were allowed to continue operating until 31 March this year, then have to reapply.

Licence holders must pay a 35% gross gaming revenue tax rate.

Play is restricted to those aged 21 and above. The regulations also impose strict conditions for online casino, including a €2 maximum slot stake, with prizes capped at €5,000, and a €50,000 limit for jackpot games.

The International Betting Integrity Association (IBIA) criticised the Greek government’s plans at the time.

It said: “While IBIA welcomes aspects of the regulations, most notably the general opening the market and the ability for all betting operators to apply for a licence and to operate in Greece, the association contends that there is clear evidence from other jurisdictions that the approach proposed will in fact deter many betting operators from being licensed in the market.”

The online gambling reforms were part of a wider package, called Invest in Greece, that included legislation intended to streamline environmental and planning regulations.