Greece submits gambling legislation to European Commission

Greece wants to update its gambling regulatory framework.
Greece wants to update its gambling regulatory framework.

In order to update its current regulations, Greece drafted new gambling legislation and submitted it to the European Commission for review.

Greece.- As the industry evolves, authorities need to keep rules updated as well in order to have a healthy market. That’s why Greece has drafted new gambling legislation and submitted it to the European Commission.

The main difference in the potential new landscape is to subject online sports betting and other games to different licences. The latter will only cost €2 million, while sports wagering operations will require a €3 million investment. Still, the Ministry of Finance has determined to have them both last seven years.

Moreover, random number generator games will have a maximum stake of €2 under new regulations Greece plans for gambling. Their maximum profit per gaming session will also have a €5k limit, and jackpot game will have a maximum of €500k.

Debt

Casinos in Greece have been asked to pay off their dues to the social security funds. The Single Social Security Entity (EFKA) has demanded casinos to contribute wt the money they’re supposed to.

As Ekathimerini reported, the head of the federation of local casino employees said that the EFKA wrote letters to casino managers. The contributions due are around €100 million, but the weak financial state of some casinos in Greece suggest that these gambling payments cannot be made and thus some facilities may end up with closure.

The Loutraki, Rio, Corfu and Alexandroupoli casinos are in risk, as they’re indebted. The ones in Rhodes, Syros and Porto Carras in Halkidiki are also in debt, the news outlet reported. The only casinos without dues to the social security funds are those in northwestern Macedonia, Parnitha and Thessaloniki.

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