Greece Online Gambling Licenses on the Horizon

Published March 10, 2015 by Mike P

Greece Online Gambling Licenses on the Horizon

Greece is planning to open up its online gambling market to foreign operators in 2015 to try and stimulate its ailing economy.

For some time now, the Greek economy has endured major struggles. Since the emergence of a new government, elected ministers have been seeking out fresh strategies to reinvigorate the economy. Based on inside sources, the latest plan appears to be the regulation of online gambling in Greece.

Meeting Scheduled for Eurogroup

Ahead of implementing clear legislation, the Greek government is planning to meet with Eurogroup, which is an event that brings together financial ministers from throughout the Eurozone. Notably, only finance ministers from countries that use the euro attend the meeting.

At present, the plan appears to be for the Greek government to establish a system where foreign operators apply via an international tender to obtain a remote gambling license. The basic duration of Greece online gambling licenses will be five years, with it possible to renew by paying a premium to the government.

Vital Revenue for Struggling Economy

The man credited with this new vision for the Greek economy is Yanis Varoufakis, who is the current finance minister. He firmly believes that online gambling will become a vital revenue stream for the struggling economy. Varoufakis has already written to Eurogroup president Jeroen Dijsselbloem to outline his vision of a Greece online gambling industry.

During these early stages ahead of granting licenses to foreign operators, Varoufakis believes that up to €500 million a year could be generated in tax revenue. Of course, time will tell as to how accurate Varoufakis’ forecasting will be. Greece would not be the first aspiring online gambling market to overestimate its earnings.

The granting of licenses to foreign operators will help to liberalise what has long been a conservative online gambling market. And as an EU member, Greece is obliged to adhere to freedom of services. Varoufakis is a member of SYRIZA, the current party ruling in Greece, and viewed as left-wing.

See also

Greece Online Gambling Under EU Microscope

Greece Continues to Push Through

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