Updating industry stakeholders, the Greek Syriza government has announced that it will implement its new gambling licensing regime by October, opening its market to foreign operators.
This September, Deputy Finance Minister Trifon Alexiadis informed Greek news sources that regulatory and business provisions would be made available ‘within a month.’
Following amendments, the Syriza government is confident that its new licensing regime will be effective for national and international operators seeking to carry out business within the regulated Greek market.
In 2011 Greece opened its market to European licensed operators offering ’24 temporary licenses’. However, the framework would be scrapped following some taxation related failures by the Hellenic Gaming Commission.
Although the Greek government is yet to disclose the full regulatory requirements needed by operators to enter its market. In May 2016 Syriza senior officials revealed that the party had attached a 35% fixed gross gaming revenue on licensed online gambling services.
Seeking to meet the qualifying criteria for its next EU sanctioned loan tranche, Syriza stated that it expects to raise circa €55-60 million in taxes from online gambling. Furthermore Greek ministers were confident that its new gambling regime would fulfill European Union terms on fair market and competition laws.
At present, the governances’ of leading international gambling operators have yet to reveal an interest in committing to a new Greek market. Syriza will update stakeholders once its full provisions are made available.