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The Greek gambling law will mark the emergence of an entire new industry in Greece: the online gambling industry. Our Greek lawyers, support clients throughout the process of obtaining an online gambling licence in Greece, advising on compliance issues and business requirements, drafting relevant policies and terms for online gambling.
The gaming unit of the tribe, based in Connecticut, was awarded the lone license on Monday by the Hellenic Gaming Commission (HGC). Mohegan has created a consortium with Greek construction firm. 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. Politicians tried once again to regulate Greek gambling sites with a bill passed in 2011. This bill was sold as a liberalization of the market that would allow online gambling operators to obtain licenses in Greece. The licensing system was also sold as a way to raise money for the indebted government.
OPAP Q3 bounce back hurt by continued lottery declines
Intralot taps all cost-saving options to soften Covid blows
HGC requires disclosure for key services and personnel
Related Articles
The Greek gambling law will mark the emergence of an entire new industry in Greece: the online gambling industry. Our Greek lawyers, support clients throughout the process of obtaining an online gambling licence in Greece, advising on compliance issues and business requirements, drafting relevant policies and terms for online gambling.
The gaming unit of the tribe, based in Connecticut, was awarded the lone license on Monday by the Hellenic Gaming Commission (HGC). Mohegan has created a consortium with Greek construction firm. 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. Politicians tried once again to regulate Greek gambling sites with a bill passed in 2011. This bill was sold as a liberalization of the market that would allow online gambling operators to obtain licenses in Greece. The licensing system was also sold as a way to raise money for the indebted government.
OPAP Q3 bounce back hurt by continued lottery declines
Intralot taps all cost-saving options to soften Covid blows
HGC requires disclosure for key services and personnel
Greek Finance Minister Euclid Tsakalotos has presented the initial framework for the nation's new online gambling licensing regime, seeking to continue the overhaul of Greek-wide industry regulations.
Since 2011, The Greek government has allowed 24 operators to operate online gambling services, sanctioned through ‘transitional permits'.
The Ministry of Finance will allow these operators first right to secure its revamped online gambling licenses, however, stakeholders will likely be disappointed by the steep costs attached to procurement.
Greece Online Gambling License Application
In its proposed framework, the Greek government has attached a €4 million fee for securing an online sports betting licence, with operators forced to pay an additional €1 million for operating further online gambling services.
At present, the proposed online gambling licences will last for a period of five years, with operators further required to prove that they operated legally within regulated EU jurisdictions, along with records disclosing up to three years of corporate financial performance.
Greece Online Gambling License Requirements
On application, all interested parties seeking to secure a new online gambling license will be forced to deposit €500,000 with the Greek Finance Ministry.
The Greek government has stated that it won't allow ‘black-listed operators' to apply for licensing for a period of up to 12 months. Applicants will learn of their acceptance within two months of filing.
Free no deposit casino bonus codes usa real money slots. Further complications see the Ministry of Finance attach a ‘variable tax' on consumer winnings above €100, which will be withheld by Greece's tax authority before redistribution to customers.
Casino coming to kings mountain. As yet, little is known as to whether the Greek government will seek to adjust its 35% revenue tax on online gambling services.
The Ministry of Finance will move to open a consultation window on its proposed framework, seeking advice and opinion from active stakeholders within the Greek gambling market.
