Betting in Greece has become quite expensive these days, as the state’s authorities set out new regulations for online gambling, demanding operators to pay up a staggering €5 million before they can acquire a sports betting and iGaming license. Just to be clear, the Greek Ministry of Finance has stated that the future internet sports betting licenses cost €4 million, plus an additional 1 million EUR for other online gaming services.

Operators seeking online licenses in Greece will first have to deposit an initial €500,000 to start the application procedure. In addition, the companies will have to prove that they hold a license in another EU country. Blacklisted operators will not be considered for the renewal, and freshly issued permits will run for five years.

Unfortunately, one of the leading gambling establishments on the market, GVC Holdings has revealed a subsidiary in January 2018, whose operations under a temporary Green license received a tax audit assessment. The inspection relates to activities between 2010 and 2011, for which the company now must pay €186.8 million. Important to mention is that during this period, the business was owned by Sportingbet https://lcb.org/casinos/sportingbet-casino.

On the positive side, operators who apply and obtain their licenses under the new regulations, will experience a variable tax system. The country’s authorities will not tax any winnings under €100, but every accumulated prize from betting that is between €100 and €500 will incur a tax rate at 15 percent. Furthermore, every winning above €500 will trigger a 20% tax rate and so on.

To sum up, the new regulations are in fact a product of a consultation. The Ministry is still expecting to hear opinions from various gambling enterprises, bars, legal entities, regulators and public services. The discussion is scheduled for October 10th.

Source:

“Greek licences will cost up to €5m under new regulations”, igamingbusiness.com, September 11, 2018.