Greek Online Betting Breaks Revenue Records After 2018 World CupPublished October 23, 2018 by Sol FH
Greece on track to break online gambling revenue records after a very successful World Cup.
Greece has been in the news quite a bit over the last few years, but mostly due to its severe economic crisis of late. Just a couple of years ago, the EU needed to bail the country out of its massive debt. For this reason, and many more, it is nice to hear that the Greek online gambling industry is thriving.
It is however quite ironic that online gambling profits are soaring in Greece, but, the Greek National team didn't even qualify for the 2018 World Cup. Not that the 24 online gambling operators with transitional Greek licenses are upset about this growth, nor is the government, which profits from tax dollars.
Reports state that the total turnover from online betting in 2018 is set to generate €3.23b with revenue of €182.8m over the first half of the year. The entire 2017 totals were reported to be €5.3b with revenue of €280.6m. Simple math proves that at this pace, Greek's online gambling profits will smash the record, much of the success due to the 2018 FIFA World Cup.
Operators Reaping Rewards
One of the operators with a Greek license has reported that it has increased its market share close to 20% over H1. This is astounding when you learn that they were only at 6% the year prior.
The profits are beginning to change the way online gambling is perceived in Greece. The government has a real plan to allow the 24 operators in Greece to apply for 'permanent' licenses. The deal would essentially be for a five-year stay with a fee of €4m to be paid up front and only covering online sports betting, and, an additional €1m for any additional gambling services.
Operators will need to pay heavily for the rights to work in Greece. There will be taxation on operators' gross gaming revenue of 35%. Greek punters will also need to pay a tax of 15% for winnings in excess of €100. Anything over €500 and punters will need to pay 20%.
World Cup Wins Again
The FIFA World Cup is one of the highly anticipated sporting events on the planet. World Cup gambling is rising in popularity and Greece is an excellent example of what those revenues can do for a struggling government.