After much waiting, Greece is finally announcing their plans on the licenses for online gambling in Greece. Last Friday, the Ministry of Finance announced their plans to help overhaul the online gambling market. Prior to this, the 20-plus operators have only been operating on transitional permits, and have been so since 2011. While the opportunity to apply for new licenses is now available, the new rules may make some operators hesitate.
First on the list of requirements for the operators is a €4 million license fee for operators who wish to offer online-only sports betting services. If an operator wishes to add other online options/games, they will need to add another €1 million. Those who use only the best pph service are very fortunate to not need to spend this much to get into the gambling industry. The payment will cover the license to operate for 5 years, with the condition that operators must file for renewal at least a year prior to expiration. The renewal fee is the same amount as the first license.
Other Small Details on Plans for Online Gambling in Greece
Other conditions in applying are a required €500,000 deposit, as well as proof of licensure in another European Union online gambling market. They must also submit documentation of their financial performance for the past 3 years.
Of course, operators who wish to apply must have their operation’s servers based in Greece. They must also comply with the regulation to create accounts with local licensed payment processing companies. In addition, their operations that is in Greece must carry the dot-gr domain.
The licensing plan released also includes a variable tax on the winnings of the online gamblers. They are to be withheld by the operators and then remitted to the relevant government agency. There is a tax exemption on earnings below €100. On the other hand, winnings that are above €500, will have a 20% tax levied on them. However, there is no mention of the previous plan to tax online gambling operators 35%.
While the fees seem very steep, it is, unfortunately, a much-needed policy for the Greek government. They need to generate a lot of income to address their fiscal and debt issues, and the gambling industry is one of the most profitable industries they can tax without affecting the general population.
This is not final, however. Their finance ministry has invited interested parties to join them in a consultation and to submit their proposals and opinions before October 5.