Greece opens iGaming licensing process

The Ministry of Finance unveiled its new licensing regime, which allows operators running on “transitional licences” to apply for new ones.

Greece.- The online gambling market is set to get a more stable regulatory frame in Greece as the Ministry of Finance has announced its plans to revamp the segment. Under the new licensing regime, 24 operators which were working with temporary permits will now be able to apply for new licences.

Despite the announcement may seem like good news, there are some issues to be addressed that may be discouraging for operators. The €4 million cost of each licence is already a major concern for companies that may be considering operating in the sports betting segment in Greece, especially considering that there’s an extra €1 million charge for those who wish to offer other online options.

Those who wish to apply for a licence will be required to submit a €500k deposit and to demonstrate that they hold a license to operate online in another European Union market, in addition to presenting records of their previous three years of financial performance. Should they be awarded a permit, they will be allowed to operate for five years and must apply for renewal at least one year in advance of the licence expiration.

Applicants must have their local servers based in Greece and are required to establish accounts with locally licensed payment processing institutions.

Regarding taxation, the new plan involves a variable tax on players’ winnings, excepting those under €100. Meanwhile, winnings above €100 but less than €500 will be hit with 15% tax, while winnings above €500 will be taxed at 20%.