Greece European Commission

Greece submits iGaming regulations to European Commission

Greece has submitted a drafted set of iGaming regulations to the European Commission, in search of their approval. Authorities within the country are looking to make things clearer for the industry here.

The proposed laws were submitted by the Greek Ministry of Finance.

Key details 

The legislation states proposed licence fees for various verticals. Operators hoping to obtain a sports betting permit would be expected to pay €3 million (£2.5 million). Meanwhile, online licences for other verticals are expected to be priced at €2m (c. £1.7m). These would run for seven years each.

Controls for random number generator (RNG) games have also been included. Maximum stakes of €2 would be permitted, with the maximum profit per session limited to €5,000. Jackpot game payouts would be capped at €500,000.

Advertising RNG products would also be heavily restricted. Other than on sites where they can be played, this would be banned altogether. And while the likes of sports betting and poker wouldn’t be subject to these, only players above the age of 21 can play them.

On top of the above, operators that have been blacklisted in the 12 months prior to submitting their application won’t be given one.

Those that were given temporary licences in 2011 for existing draft regulations will have to reapply. However, their current permits will last until 31st March 2020. Meanwhile, the current draft regulations will run until April 1st.

Greece is getting ready to host the inaugural Greek Bookmaker Awards, which will be held in Athens. The event is scheduled to take place on 23rd January 2020 and will recognise the bookmakers making a difference in the country’s iGaming industry.

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