Greece launches consultation on iGaming regulations

Greece launches consultation on iGaming regulations

Wednesday, September 12, 2018 Posted by News Team
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Regulations set €4m fee for sports betting licences and €1m for online gaming certificates

The Greek Ministry of Finance is looking for input from industry stakeholders and the general public on its proposed iGaming regulations, which set out hefty licence fees and new taxes on player winnings.

There will be two licences available; one for sports betting, and another covering all other types of online games. To secure full, five-year licences, companies face a €4m fee for sports betting, and €1m for other online games. 

All applicants must pay a €10,000 fee to participate in the licensing process, with successful applicants required to pay a €500,000 deposit before they may offer their services to Greek consumers. They must also submit three years of financial reports and proof that they are licensed in at least one other European territory. 

Companies with a registered office outside Greece must also have a secure server based in the country, which must be installed after liaising with the Hellenic Telecommunications Organisation and Independent Public Revenue Authority.

Candidates with a registered office outside Greece are required to have the physical installation of a secure server within Greece in liaison with the Hellenic Telecommunications Organization (EEE) and with AADE, in accordance with the provisions of Article 30.

Operators that have sites blacklisted by Greek regulator the Hellenic Gaming Commission (HGC) are banned from applying for a licence within a year of their domain being added to the list. This would appear to prevent the likes of Betfred, 888 Holdings, GVC Group and Betsson from applying until 2019, as each of these operators had sites added when the blacklist was last updated in May.

Applicants are told to expect approval within two months. Should an operator not be contacted in this window, they are advised that their application will have been rejected. 

While the regulations put forward for consultation do not confirm a tax rate for operators - a rate of 35% on gross revenue has previously been suggested - it does set out taxes on player winnings. Each player is allowed to win up to €100 tax-free, but will then pay 15% of winnings of up to €500 to the Greek state, and 20% on winnings of €500.01 and above.

Interested parties have until 12:00PM on October 5th to submit comments or suggestions relating to the proposed regulations, after which point it is forwarded to the Hellenic Parliament for approval.

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