Online gambling operators that are hoping to break into the Greek gaming market will be required to fork out up to €5 million in order to receive either a sports betting or gaming licence. The new regulations were released by the Greek Ministry of Finance, and state that an internet sports betting licence will cost €4 million, but that operators will need to spend another €1 million in order to offer other gaming services.
Companies that are seeking to purchase gaming licences from Greece will have to make a deposit of €500,500 as part of their application. On top of this, they all also need to prove that they own a gaming licence from another country within the European Union.
The licences, once acquired, will be valid for a total of five years, and operators will be required to renew their licences at least one year before their current licence expires. Any operators that have been blacklisted by the Greek government within the last year are not allowed to apply for a new licence once applications become available.
Operators that successfully manage to obtain a licence within the regulations set out will then be faced with a variable tax system, with the rate based on any rise win winnings. The Greek Ministry of Finance has decided not to tax any winnings under €100, but for winnings between €100 and €200, there will be a 15% tax. Anything above €500 means a tax rate of 20%.
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