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Greece Ready for New Regulations
- September 18, 2018 By Riley Wilson -
For the last seven years, online gambling operators in Greece have been doing business under transitional permits.
The country has finally announced the introduction of a permanent licensing system after new regulations came into effect last week.
Pricing, Duration and Taxation
Under the provisions of the new regulatory act, published by the Greek Ministry of Finance, online gambling operators who wish to continue working in Greece will need to pay around €5 million for a license.
To apply for a license, all interested parties will be required to deposit €500,000, along with a proof they possess a gambling license in another EU member state. All issued licenses will expire after 5 years.
Any company blacklisted during the last year will not be able to apply for a license.
All winning under €100 won’t be taxed. Winnings ranging from €100 to €500 will be taxed at 15%, while those worth €500 and more will be taxed at 20%.
Time for Consultation
A series of formal consultation regarding new regulations will be held in the coming period. At this moment, 24 operators are doing business in Greece, and we can be sure that each and every one of them will have a thing or two to say regarding the new regulations.
Many of the operators will be shocked with the new tax regime, while the government is not likely to make any compromise in this area, especially considering the fact that country’s economic situation could be better.
All comments and remarks will have to be made until October 5, while the regulations are scheduled to take effect on October 10. All applicants will be informed of their application within two months. This means we’ll have a complete list of online gambling operators in Greece by the end of the year.
The Greek market is definitely large enough for all those who get accepted. Online sports betting turnover for the 24 currently operating transitional licensees was at €5.3 billion last year, and the experts believe it could jump by €300 million this year. Take €5 million per each applicant, and the country’s Ministry of Finance will be pleased.