- Invest in Greece legislation packages includes gambling reforms
- Licensing fees reduced from €5 million to €3 million
- Estimated to generate an additional €500 million per year
The new Invest In Greece legislation package introduces gambling reforms that will bring in additional tax revenue for the country.
Gambling Reforms Introduced In Greece
Lawmakers in Greece have introduced new legislation that will boost the country’s economy. Included in the Invest in Greece package are new laws that will reform Greece’s gambling market.
Firstly, the new laws will allow operators to continue offering RNG (random number generated) games. Last year, there was talk of excluding RNG casino games from Greece’s new licensing framework, but the issue was incredibly controversial. Operators across the country threatened a legal challenge, and it seems as though local lawmakers weren’t up for a fight.
Overall, this is good news for local operators in Greece. RNG games are among the most popular titles at casinos, and leaving them out could deprive operators from lots of valuable gaming revenue.
The licensing fees has also been reduced from €5 million to €3 million. This decision has likely been made to encourage more companies to seek out gambling licenses in Greece, but there will be a 35% gross revenue tax for licensees.
According to the Syriza party, the licensing fees and taxes could prove to be incredibly lucrative for the country. It is estimated that they would raise an extra €500 million per year.
Temporary Licenses and Blacklists
In 2011, 24 online gaming operators were granted temporary licenses. Under the new laws, they will be permitted to continue offering their services to local players under the same licenses until March 31, 2020. After this, they will be able to reapply.
There is also a stipulation for operators that have been placed on the Hellenic Gaming Commission’s blacklist. Any companies that have been placed on the list within the past 12 months will be unable to apply for a license. However, it is unclear whether or not operators that were placed on the list over a year ago will be able to apply for licenses on a fresh slate.
The new changes to Greece’s land-based and online gambling laws are sure to have a positive impact on the country’s economy. Greece has been struggling financially for quite a while and an additional €500 per year will certainly help, while encouraging more gambling operators to open up shop locally.