Greece launches a new licensing process for online casinos

The Greek Ministry of Finance announced the launch of a new licensing regime

The Greek Ministry of Finance announced the launch of a licensing regime that will allow operators working with temporary licenses to obtain new ones.

The online gambling market in Greece is aimed at introducing a more stable regulatory system. The Ministry of Finance announced plans to introduce some changes in the work of this segment. In accordance with the new licensing regime, 24 operators who are currently working on the territory of the state with temporary permits will be able to apply for new licenses.

High cost of licenses

Despite the fact that this statement may seem good news for operators, there are a number of problems that require urgent solutions. The cost of each license is €4 million and its a serious obstacle for companies that are considering the possibility of working in the sports betting sector in Greece. In addition, from those who want to offer other options for online games, an additional fee of €1 million is charged.

Reporting

Applicants for a license will need to provide a deposit of €500,000. In addition, they must have a license to work over the Internet in another market of the European Union, and required to report on their previous financial results for a three-year period. If the relevant authorization is eventually issued, they will be able to work in the market for five years, and then apply for renewal not later than one year before the expiration of the valid license.

Availability of local servers

Applicants must have local servers located in Greece and create accounts with local licensed payment processing organizations.

Taxation

As for taxation, the new plan provides for a variable tax on winnings, with the exception of those that are less than €100. A win above €100, but less than €500, will be subject to a 15% tax. A win of more than €500 will be taxed at a rate of 20%.

In April this year, the Financial Police of Greece provided a report in which it was reported that the revenues of the legal gambling sector in 2017 amounted to €662 million, which is €35 million more than in 2016.