Greece presents new gambling regulations to EU

The new draft iGaming regulations presented from the Greek Ministry of Finance to the European Commission show that sports betting and other games will be licenced separately as the Greek government is set to implement new controls on the gambling industry.

The submitted draft legislation confirms that the new separate licences will be priced at €3m (£2.5m/$3.4m) for online sports betting and €2m for other online games and will be valid for seven years.

Random number generator games (RNG) will be under strict control, since according to the draft the maximum stake will be limited at €2 and the maximum profit per gaming session will be set at €5.000. Jackpot games will be capped as well to paying out a maximum of €500.000.

There will be also an effect to the advertisement of RNG games, since they will be promoted only on the sites where they can be played. Note that these restrictions will not apply to other online gaming products, such as sports betting, poker and casino products. Those games will be available only for players aged over 21.

The draft submitted to the EU by the Greek government includes some articles on operators which were blacklisted. Those have to wait 12 months before submitting an application for a licence.

The bill passed by the Greek parliament last October is now awaiting EU approval. Companies active in the iGaming industry in Greece hold temporary licences from 2011 and will be allowed to operate until 31 March 2020 and then reapply applications.

The draft regulations are now subject to a standstill period, that runs until 1 April, 2020.

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