Greece Opens Applications Process within a Potential Landmark ModelPublished October 27, 2020 by Lee R
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 license application process comes on the heels of the January completion of Ministry of Finance gambling regulations and October 2019 Parliamentary approval.
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.
All offerings will be restricted to players over 21,
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.
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.”
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.
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.