Greece Opens Applications Process within a Potential Landmark Model

Published October 27, 2020 by Lee R

Greece Opens Applications Process within a Potential Landmark Model

A wide array of organisational bodies have been invited to apply for license in Greece.

 

The Greek market is open—for iGaming.

The Window Opens

Greece's gaming authority Hellenic Gaming Commission confirmed the opening of the license window by inviting legal entities including shareholders; executives; manufacturers; tech suppliers and certification organisations to upload applications for online processing.

The Legislation

The license application process comes on the heels of the January completion of Ministry of Finance gambling regulations and October 2019 Parliamentary approval.

The Licenses

Two licenses are now available: online games of chance and sports betting. The sports betting license will cost €3 million while online gaming licenses will cost €2 million: a 35% tax on gross gaming revenue will apply to both-- with licenses valid for seven years.

Previous Extension Lapses

The new bill allowed for the 24 temporary licenses from 2011 to remain valid to their holders until March 31 2020, with all parties required to apply anew now.

Age Limit

All offerings will be restricted to players over 21,

Limit Concerns

The new legislation has already been under fire from a global trade organisation.

The International Betting Integrity Association (IBIA) has taken issue with strict conditions in the model for online casinos such as maximum €2 bet limits on slots; prizes up to €5,000 and a jackpot limits of €50,000.

IBIA Position

The IBIA is concerned about discouraging operators.

While remaining generally “welcome” to the regulation model, and the ushering in of the liberalised market era in Greece, the IBIA maintains that “there is evidence from other jurisdictions that the proposed approach will, in fact, prevent many betting operators from being licensed in the market.”

Social Initiative

The discouraging of operators is always a concern when it comes to new regulation models, but the issue in Greece has a greater context: iGaming reform is actually part of broader social movement called Invest in Greece which integrates environmental and planning regulations into the process of modernising regulation.

Outlook

If operators can show respect for Greece's greater social context within the timing of the new regulation, Greece may emerge as a leading model, and those operators who are compliant within the Greek system may enjoy the among the most sustainable and profitable tenures in the future of iGaming.

See also

Grexit - Sportsbooks Offer Betting Options On Greece Leaving The Eurozone

Greece Gambling Conference Announces Speakers

Group C Kicks Off with Columbia vs Greece

Greece Got GAME: Eventus Breaks More New Ground in 2020 in One of Europe's Exotic Regions

Japan and Greece Fight for Survival Tonight


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