Greek online gambling market set for permanent regulation

10 Sep 2018

The Ministry of Finance in Greece has recently announced that it will be putting a new bill under the name "Rules for the purchase of online gaming-Amendment of Law 4002/2011" to public hearing. The Greek online gaming market has been under a temporary legislation framework as of 2011, with the market first regulation proposals having started in 2010. The new bill signals a new era for the Greek online market and is projected to completely overhaul the existing structure.

α

The two license types

The amendment of Law 4002/2011 will be introducing 2 altered types of licenses:

  1. license for online gambling, both for sports and online casinos,
  2. license for various other online gaming activities.

Following the introduction of the new framework, the temporary license status will cease to exist and will allow all operators to hold new five year licenses. The new bill highlights that all applicants will be able to obtain both types of licenses after paying the equivalent amount and fulfilling all legal requirements. It's also worth mentioning that the license cannot be transferred to another company or person (either in part or fully), as was the norm until now. Another alteration is that each license will belong to only one operator, which changes the state of license sub-letting to third parties that is currently taking place.

Application & license costs

Under the new bill each operator applying for a license will have to submit a request to the Greek regulation board (EEEP) with all the necessary documentation along with a fee of €10,000. On the application the operator must also note which type of license they are applying for as separate fees apply:

  1. € 4,000,000 for an online gambling license,
  2. € 1,000,000 for permission to conduct other online gaming activities.

Following the successful submission of the request, the operator will have to wait for a two month evaluation period.

License duration & renewal

The new license will be valid for a period of 5 years and all license holders will also have the right to renew it for the same amount of time (5 years). However, applicants are required to submit the renewal request at least one year before the expiration date of the existing license together with the corresponding fee.

What happens to existing operators

Operators currently active in the Greek online gaming market will have to apply for the new type of license up to a maximum of 6 months after after the new law is put into effect. Operators that will not apply within 6 months after the new framework is implemented will be required to cease operating in the local market.

Legal details of the new bill

  • All applicants and legal entities must have their registered office in Greece or any other country in the European Union together with available funds at a minimum of €200,000.
  • Members of the Board of Directors must have a clean criminal record.
  • Any legal entities that were included in a list of unauthorized operators will not be eligible to get any type of license.
  • Domain names of all websites will have to be registered with a ".gr" TLD.
  • All applicants that have a registered office outside of Greece must at least have a server in Greece, which must be directly connected with the regulator.
  • Gambling license applicants will have to file a €500,000 insurance letter from a credit institution operating legally in Greece or any other country in the EU.

Taxation

Bet taxes will remain the same. In specific, tax on winnings up to €500 stands at 15%, while higher winnings than that will be subject to 20%. However, winnings from OPAP's "Pame Stoichima" will be taxed by 10%.

The verdict towards the new bill will take place on on 5 October at 12:00.

Source bookmakers.gr Researched & composed by Alex Galinos

10,000+ have already benefited from Bookmakers.bet

Register to our newsletter and be the first to get our exclusive bonuses and promotions. Fill in your name & email and stay tuned on the latest offers and the new bookmakers in your country.

I agree with the terms of use.

BOOK SPY

The South African National Gambling Board has issued a statement this week concerning the legality of online gambling. There have recently been some r...

Read more »

Betting operator 888sport announced that it has signed a sports betting partnership agreement with the National Football League (NFL) in the United Ki...

Read more »

British GVC Holdings PLC is launching an investment program to support grassroots sports in the UK. It will be helping the lower tiers of English foot...

Read more »

Dominic Beier has stepped down from his position as Interwetten Sports’ Speaker of the Board. The 29-year-old had joined the company in 2018, replacin...

Read more »

BGC, the UK’s Betting and Gaming Council, has announced the implementation of a new set of measures in order to prevent underage audiences from being ...

Read more »

Online sportsbook and casino operator Vbet will be sponsoring French Ligue 1 powerhouse AS Monaco. The deal includes seasons 2020-2021 (which just sta...

Read more »

UK-based bookmaker Betfred has announced the extension of its World Snooker Championship sponsorship until 2022. It is considered the biggest snooker ...

Read more »

European sports betting firm Melbet is expanding its presence in Africa by entering the Kenyan market. After already operating in Nigeria, Ghana and U...

Read more »

The UK Gambling Commission has lifted the ban on sports betting exchange Matchbook. The brand, running under operator Triplebet, had its UK pool betti...

Read more »

Ukraine’s president Volodymyr Zelensky has put pen to paper on bill 2285D, as expected since last month’s triumphant voting in its favor at the Verkho...

Read more »

Latest Betting Offers

18+ | T&Cs apply | begambleaware.org

Minimum deposit is 10 euros. Minimum odd to bet the bonus on is 1.50 or higher. Bonus must be wagered 10 times. T & C's apply. 

The generated voucher is only valid for people of legal age. The betting credit worth €5, €15 or €30 is awarded at random. The term "voucher" in the bonus provisions refers to both betting vouchers and free bet vouchers. In addition, 10 x € 3.000 will be raffled among all players who have redeemed their betting credit. The winners will be determined by drawing lots and notified by email on October 7th, 2020. The judges' decision is final. The prize money will be credited to your Interwetten account and is freely available.