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 5 October at 12:00.

Join and grab exclusive bonuses, daily offers and free bets!

Lay hands on exclusive daily bonuses for members only. These promos are limited and are not advertised on the website.

Yes, I have read the Terms & Conditions and I consent to receiving emails from Bookmakers.bet regarding betting promotions, betting guides and news.

BOOK SPY

The Netherlands’ regulator of gaming services, De Kansspelautoriteit (KSA), reportedly sent a letter to licensed online sportsbook operators, an...

Read more »

Online igaming operator Novibet has recently announced their sportsbook launch for Mexican players. This is bound to happen with the assistance of Big...

Read more »

Kaizen Gaming has entered into a new agreement with FIFA to certify its brand Betano as an official European Regional Supporter for the World Cup in Q...

Read more »

Sports betting industry leader Bet365 has partnered with Incentive Games, a renowned free-to-play provider, to launch two games for the 2022 World Cup...

Read more »

A new mobile application for Betinia has been made available by their software provider, Soft2Bet. The iOS application has only been made available to...

Read more »

The ComeOn Group’s upper-management received a significant boost after the appointment of Jonathan West as their new Sportsbook Director. Mr. We...

Read more »

Betsson expanded its B2B sportsbook capabilities by acquiring a majority 80% share of KickerTech Malta in the price of €14m. The investment was made i...

Read more »

The transition period for bookmakers in Ontario to switch to the regulated market ended yesterday, October 31, according to a statement from the Alcoh...

Read more »

Following in the footsteps of other iGaming providers, Altenar has acquired certification for access into the Netherlands market. According to Altenar...

Read more »

On Wednesday, October 26, 2022, Pinnacle’s Canadian website will go online. Ontario bettors will be able to wager on the brand’s pioneerin...

Read more »

LATEST BOOKMAKER PROMOTIONS