New regulations in Greece’s gambling market
Significant changes to the legislative framework. The Gaming Supervision and Control Committee (ΕΕΕΠ) yesterday announced a series of significant amendments to the regulatory framework governing the gambling market in Greece. The new regulations, expected to come into force from January 1st of next year, aim to strengthen player protection, combat illegal gambling and ensure transparency in the sector.
According to the chairman of ΕΕΕΠ, Mr. Dimitris Papadimitriou, “the new regulations constitute an important step towards modernizing the gambling sector and aligning it with European standards”. Mr. Papadimitriou also emphasized that “our goal is to create a safe environment for players, alongside developing a sustainable market that will contribute to the national economy”.
Stricter licensing requirements
One of the key points of the new regulations is the establishment of stricter requirements for licensing gambling companies. Companies must now have a minimum share capital of 3 million euros, while the obligation to deposit a guarantee letter of €500,000 for each type of license is also introduced.
Additionally, gambling providers will be required to maintain technical equipment within Greek territory and be subject to regular inspections by certified bodies. “These measures will help eliminate illegal providers and ensure that only serious and reliable companies operate in the Greek market,” stated the Deputy Finance Minister.
Enhanced responsible gaming measures
Particular emphasis is placed on player protection and promoting responsible gaming. Under the new regulations, providers are required to implement self-limitation systems, such as daily, weekly and monthly deposit limits, as well as self-exclusion capabilities.
Also, mandatory registration of all players with identity verification is established to prevent minors from participating. Companies must have specialized personnel to handle addiction cases and contribute annually 0.5% of their gross revenue to prevention and treatment programs for problematic gambling engagement.
Tax regulations and economic impact
The new regulations also bring changes to the tax regime. The tax rate on winnings for players is reduced from 20% to 15% for amounts over €500, while progressive taxation is introduced for larger winnings.
On the providers’ side, the tax on gross revenue is set at 20% for land-based casinos and 25% for online platforms. According to Finance Ministry estimates, these changes are expected to generate additional revenue of €150 million annually for state coffers.
Reactions and prospects
Reactions to the new regulations are mixed. The Gambling Business Association expressed concern about increased compliance costs, noting that this might lead to mergers and withdrawals from the Greek market. However, the sector’s largest companies welcomed the changes, arguing they will contribute to market consolidation.
On the other hand, consumer protection organizations and gambling addiction treatment bodies characterized the new regulations as “a step in the right direction”, although some called for even stricter measures.
ΕΕΕΠ estimates that the overall gambling market in Greece will continue to develop at an annual rate of 5-7% in the coming years, with the online sector showing the greatest momentum. Mr. Papadimitriou concluded by saying that “with the new regulatory framework, our goal is to shape a market that will operate with transparency and responsibility, for the benefit of society, players and the national economy”.
