GREEK GAMING REGULATIONS SENT TO EUROPEAN COMMISSION
EU’s European Commission will look into new Greek gaming regulations, introduced to reform sports betting and table games.
Greece.- Greek gaming regulations may soon be changed as the government seeks to update them. The local government has submitted a number of reforms to the European Commission, which needs to approve them before they pass.
The Hellenic Gaming Commission (EEEP) drafted the reforms to cover sports betting and table games. However, it omitted random number generated casinos games and generated criticism from Greek operators.
The EC will look into the submission, which seeks to get regulations to catch up with the evolution of iGaming. The Greek Minister for Finance is waiting to get the green light (projected for July 2) and would then implement the changes.
Regulators aim to divide licensing into two categories: a permit for betting games, either sports-related or not, and another one for the rest. Companies would be able to apply for both types and permits would have no amount limit.
A sports betting licence would cost €4 million and an online gaming permit, €1 million. However, they would only be valid for one website per licence and all of them must have a Greece-based server.
Online gaming in Greece
Online gambling companies in Greece registered gross profits of €356 million in the first 11 months of 2018, showing a 30% increase when compared to the same period in 2017 and exceeded – by far – casino gross earnings.
The 15 companies operating in Greece’s online gambling market totalled approximately €125 million more in gross profits than the casino market, which during the same 11 months registered €222.8 million.