Greece Shares Its Draft Gambling Regulations With The European Commission

Greece Shares Its Draft Gambling Regulations With The European Commission

The greek gambling regime is going to be restructured and the country’s Ministry of Finance has already confirmed that there would be a separate license for online sports betting and other gambling products. The MoF has submitted its draft gambling regulations to the European Commission.

Submitting the draft legislation to the European Commission is just another step towards implementing the new tax structure and controls on the Greek gambling industry.

The draft legislation calls for introducing new taxes as well as an increase in existing taxes. According to the draft legislation submitted to the European Commission, the cost of a sports betting license in Greece would be €3m (£2.5m).

Operators will have to pay a separate fee for offering other online gambling products like online casino games. To get a license to offer other online games, operators will have to pay €2m (£1.7m) towards the license fee.

Both, the sports betting license and license for online games will be valid for an initial term of seven years after which the operator will have to get their licenses renewed subject to regulatory approval.

The draft regulations also limit the maximum stake on Random number generator (RNG) games. The maximum stake on Random number generator (RNG) games is limited to €2. Also, the new regulations do not allow for a maximum profit per gaming session to exceed €5,000.

Also, the restrictions on Jackpot games winnings do not allow for paying a maximum of more than €500,000. The restrictions on winnings and setting a maximum stake limit is aimed at tackling the increasing gambling addiction.

According to the draft legislation, gambling adverts promoting RNG games will also face reasonable restrictions. The new regulations allow for promoting RNG games only on gambling websites where they can be played and not on affiliate sites.

However, this particular restriction will be applicable only to RNG games and not on other online gambling products. The minimum age for players has been fixed at 21.

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