New online gaming licenses could be issued in Greece starting in mid-June, and so far, interest is high, with applicants lining up to be part of the newly regulated industry.
Greece’s two-tiered licensing framework offers sports betting permits for €3 million (US$3.3 million) and casino and poker licenses at €2 million (US$2.2 million). Licenses are valid for seven years.
The country’s online gaming regulations recently were approved by the European Commission (EC), just in time for the shift to online. The EC’s three-month standstill period for online gambling technical specifications ended April 1.
There is a downside to the new regime, which levies a 35 percent tax on gaming revenue. In addition, there is a €2 limit on betting stakes and limits on maximum payouts. Online casino advertising will be limited to operator websites.
But look for great enthusiasm for the games. According to figures for 2019, online gaming accounted for more than half of the overall market turnover (about €8.5 billion), up almost one-fifth over 2018.
Greece’s struggling land-based market contributed 11 percent of overall revenue with €246.7 million, down by about €1.2 million from 2018, reported CalvinAyre.com. Two-thirds of casino revenue came from slot machines.
Greek lottery and betting operator OPAP accounted for over 61 percent of 2019 revenue, thanks mainly to expanded video lottery terminal operations. Those operations are now on hold due to the Covid-19 pandemic.
