The main gambling regulator in Greece has invited businesses looking to obtain an online licence to submit their applications.
Two separate licences are available – one related to games of chance and the other referring to online betting.
Shareholders, suppliers and technology suppliers will all be allowed to seek an online licence in the Greek market.
Reshaping the regulated online gambling market
24 operators were given temporary licences back in 2011 and were able to continue using these until the end of March 2020. They will now have to reapply.
Drafted gambling regulations were passed onto the European Commission in January this year, having been passed in parliament in October 2019. Sports betting licences will cost €3 million, with operators seeking a permit to offer other online games having to pay €2 million. These licences will both run for seven years before they require renewal.
All licensed operators will need to pay tax equivalent to 35% of their gross gaming revenue (GGR).
Online gambling reformation in Greece was one area of the ‘Invest in Greece’ package.
Gambling reformation hasn’t gone without criticism
The Greek government’s proposed gambling regulations were approved by the European Commission in April. At this time, the International Betting Integrity Association (IBIA) shared its thoughts and was critical.
The organisation expressed concerns that some operators could be put off from applying for a licence. It said:
“While the 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 deter many betting operators from being licensed in the market.”
Other practicalities of reformed online gambling in Greece
The list of legal entities that can apply for online licences in Greece includes certification bodies, shareholders, key executives, technology suppliers and gaming manufacturers.
Only players aged 21 and above will be able to bet online in Greece. In addition to this, online casino operators will adhere to a variety of restrictions.
Players can only stake a maximum of €2 on each bet, while prize limits of €5,000 will also be imposed. For jackpot games, the limit will be €50,00 instead.
Greece’s online gambling market produced €2.23 billion in GGR in 201