The Hellenic Gaming Commission (HGC) has revealed that it has commenced with the process to accept submissions to register key personnel, suppliers and services for its licensing procedure, which includes online gaming.
According to Greece’s gambling regulator, all legal entities, including shareholders, manufacturers, key executives, technology suppliers and certification bodies may now apply to obtain licenses for online betting and to conduct other online games of chance.
The Indian Wire has reported that Greece’s Parliament had passed the Gambling Regulations in October of 2019 and its Ministry of Finance had submitted the draft of regulations with amendments and controls to the European Commission for its approval in January of this year.
The Hellenic Gaming Commission explained that there are two categories for the license, with one license enabling online sports-books and the other one for operating other games of chance, principally online casino and poker. Licenses for online sports betting will be priced at €3m (£2.5m / $3.4m) and other online games at €2m.
License holders must also pay a 35% gross gaming revenue tax rate.
The licenses will be valid for a period of seven years with the operators whose license is set to expire by March 2021 having to apply to obtain a fresh license. Operators who are not licensed and considered to have targeted Greece illegally, will not be allowed to apply for licensing prior to a 12 month period after the market re-launch.
Play is restricted to those aged 21 and above. The regulation also imposes rigid conditions for online casino that includes a maximum slot stake of €2, with prizes capped at €5,000 and a €50,000 limit for jackpot games.