Confirmation of the approved bid comes after Greece’s regulator this month opened the application process for its new online gaming licences. Submissions can be made online for all legal entities, including shareholders, key executives, manufacturers, technology suppliers and certification bodies. Virginia must cut at least half of its sports-betting applicants, Chile casinos can reopen and Mohegan promises cash for South Korean casino project. News In Brief: November 2-November 6, 2020 Sportech confirms bidder approaches, Greece issues a trio of testing licences and London's Park Lane Casino will appeal its licence.

1. Greece Online Gambling License Requirements
2. Greece Online Gambling License Application

• Greek Regulation Relaunch Operating with only a fragile majority, Greece's Syriza government is nevertheless pushing forward in 2019 with long-awaited plans to restructure and overhaul the country’s land-based and online gambling legislation.
• Under the new gambling laws in Greece, online gambling operators are now allowed to offer their players Random Number Generators, such as slot machines. The licensing fee for online casino operators has been moved to €3 million. A 35% gross gaming revenue tax is being placed on these companies. A 20% corporation tax is also being implemented.
• The gambling license is an indicator of the high-level transparency and security of an online gaming and betting website. Licenses are issued by the licensing authority of the region one wants to operate in. The regions are referred to as online gambling jurisdictions or licensing jurisdictions.

Greek Finance Minister Euclid Tsakalotos has presented the initial framework for the nation’s new online gambling licensing regime, seeking to continue the overhaul of Greek-wide industry regulations.

Since 2011, The Greek government has allowed 24 operators to operate online gambling services, sanctioned through ‘transitional permits’.

The Ministry of Finance will allow these operators first right to secure its revamped online gambling licenses, however, stakeholders will likely be disappointed by the steep costs attached to procurement.

In its proposed framework, the Greek government has attached a €4 million fee for securing an online sports betting licence, with operators forced to pay an additional €1 million for operating further online gambling services.

At present, the proposed online gambling licences will last for a period of five years, with operators further required to prove that they operated legally within regulated EU jurisdictions, along with records disclosing up to three years of corporate financial performance.

On application, all interested parties seeking to secure a new online gambling license will be forced to deposit €500,000 with the Greek Finance Ministry.

The Greek government has stated that it won’t allow ‘black-listed operators’ to apply for licensing for a period of up to 12 months. Applicants will learn of their acceptance within two months of filing.

Further complications see the Ministry of Finance attach a ‘variable tax’ on consumer winnings above €100, which will be withheld by Greece’s tax authority before redistribution to customers.

As yet, little is known as to whether the Greek government will seek to adjust its 35% revenue tax on online gambling services.

The Ministry of Finance will move to open a consultation window on its proposed framework, seeking advice and opinion from active stakeholders within the Greek gambling market.

Earlier this month, Greece made an announcement about plans to increase the tax on online gambling. Of course, this did not sit well with online gambling operators as it would double the licensing fee and increase the tax to 35%. Furthermore, gambling companies would no longer be able to deduct the gambling tax from their corporate tax obligations. However, today Greece is reconsidering the Online Gambling Tax Hike by taking out the double taxation clause.

Even though this is a victory for gambling operators, the Ministry of Development and Investment still plans increasing the tax. According to Pay Per Head Sportsbook news, Greece still intends on increasing the online tax rate to 35%. In addition, they still intend on increasing the licensing fees for casinos, poker rooms and sports betting operations.

The only change will be that companies will still be able to deduct the gambling tax from their corporate tax. Later this week, the new online gambling tax hike proposal will go to the Greek House of Representative for approval.

The Future of Online Gambling in Greece

Greece Online Gambling License Requirements

Now that Greece is Reconsidering the Online Gambling Tax Hike, what does this mean for the online gambling industry in Greece? Ever since their economic crisis, Greece has been looking to increase their gambling revenue. Thus, they came out with an Online Gambling tax Hike that would double their revenue. The new tax changes would reduce would increase the online sports betting license fee from €1m to €3m. In addition, Online casinos and poker licenses would also increase from €1m to €2m.

Originally, the 35% flat tax came about so they would not have to put a cap on available gambling licenses. This is because they took a look at the trouble Germany got in for placing arbitrary caps on licenses. Therefore, the solution was to have high gambling taxes to keep most gambling companies out of Greece.

The Greek government is looking to increase their annual online betting revenue to €73 million. Whether they are able to meet this goal will be difficult to determine even with the increase in taxes.

Greece Online Gambling License Application

Recently, OPAP lost its gambling license and gambling industry analysts believe this will allow the Greek gambling industry to grow. Furthermore, the OTE Group did confirm that they plan to offer online gambling. This will be done with a partnership with betting operator Intralot.