Bet365 and Play’n GO Enter the Greek iGaming Market
June 8, 2021
Greece is among the latest regions to implement gambling regulations within its legal framework.
The regions recently started opening their doors to welcome new market entrants and grow their market.
Bet365 and Play’n GO are among the first to receive their Greek license and go live under the new Greek regulatory system.
New Games and Online Casinos for Greek Players
The online casino industry in Greece is slowly but surely starting to expand as the Hellenic Gaming Commission (EEEP) awards licensing to operators and game providers.
Shortly after licensing Betsson, the EEEP opens the Greek market to Bet365 and Play’n GO. The latter is to be the first supplier receiving licensing under the new regulatory regime.
Play’n GO is hard at work to ensure it complies with all new regulations and rules. While doing so Greece based players will still get to enjoy popular games such as Rich Wilde & the Amulet of the Dead and The Green Knight.
Tight Regulatory Restrictions
Celebrations might be short as all new operators and game suppliers will need to adhere to strict operating conditions. All online slots are capped at €2 per spin and players need to wait at least 3 seconds in between rounds before being able to spin again. There is a maximum cap of €70,000 on wins per round in any game.
There is also the expectation of operating license holders to pay a 35% gross gaming revenue tax rate.
Gameplay is also only available to those 21 years and older with the expectancy of age verification checks from all legal operators. The 24 operators with temporary licensing from 2011 are now in the process of reapplying for licensing.
Separate licenses are available for sports betting and other online games with prices of €3 million and €2 million. Each only valid for 7 years.
The Future of Gambling in Greece
The Greek licensing system only opened in October 2020 after the gambling reform bill of 2019 passed into legislation. Despite regulatory changes, there are a few barriers that could put a pause on the growth of iGaming in Greece.
Operators and game suppliers are grateful for the clarity regarding new regulatory changes although it means tighter restrictions to comply with. Play’n Go along with many new licensed operators will work closely with the gaming authority to ensure all local operations are compliant with the new regulations.
According to the International Betting Integrity Association (IBIA), many of the plans for the iGaming market in Greece will scare off prospective operators rather than welcome them.
The great news is that OPAP no longer has a monopoly over the online gambling industry within Greece. Allowing operators and game suppliers a chance to enter the Greece iGaming market.
There are 2 different licenses available rather than the original 6 and each is valid for 7 years. Apart from taxes on gross gaming revenue, Greece is also charging tax on player winnings. According to the regulations, 20% of these taxes must be spent on good causes.
The future is still open to interpretation. To date, it seems that it has not been a deterrent as many operators and game suppliers are eager to enter the market.