New Greek Online Gambling Market Laws

Greece is in the process of approving sweeping changes to its eGaming laws. The changes will see the country allowing online gaming operators being able to market their wares on Greek advertising media prior to them receiving their advertising licenses. This news has already resulted in advertising and marketing channels jockeying for position to cash in on the dramatic new legislation.

Terms of the New Deal

All EU-licensed gaming operators who are entering into a licensing procedure with Greece will be paying some 30% GPT. Online players will be paying a 10% tax on all winnings, throughout the transitional timeframe which is expected to last six months. All operational activities will begin once the Control Committee in Greece has been formed. This will give carte blanche to gaming operators to offer their wares to the people of Greece in both offline and online media channels.

Exclusions and Objections to the Proposed Changes

The positive news on the part of the Greek government - according to online gaming operators - is that all EU betting operators are able to market themselves in all forms of media throughout Greece. However the exclusion of betting exchanges has been a point of contention. The Greek government has been keen to protect its very own betting exchange - OPAP - from foreign competition. The hope is that private gaming operators and exchanges will be able to compete freely in the Greek market for a slice of the pie.

Greece is under immense European and international pressure to get its financial house in order, ahead of massive and unprecedented bailout proposals. The Greek government is effectively being compelled to adhere to EU laws and statutes regarding all manner of accepted norms in the union. As concerns the taxation on eGaming entities, this will be applied retroactively to January 1, 2010.