SBC News Greek Ministry of Finance submits draft legislation to European Commission

Greek Ministry of Finance submits draft legislation to European Commission

The Greek Ministry of Finance has confirmed that online sports betting and other games will be subject to different licences as shown in the draft gambling regulations submitted to the European Commission.

The draft legislation comes as the Ministry of Finance seeks to implement further controls on the gambling industry.

As confirmed in the legislation, online sports betting licences will cost €3m (£2.5m) while licences for other online games will cost €2m (£1.7m), both of which will last seven years.

Random number generator (RNG) games will be subject to a maximum stake of €2, with the maximum profit per gaming session set to be limited to €5,000. Jackpot game will limited to paying out a maximum of €500,000.

The draft legislation also outlines limitations that will be placed on the advertisement of RNG games, whereby the games can only be promoted on the sites where they can be played.

These advertising restrictions will not be applicable to other forms of online gaming, such as sports betting, poker and other casino products, however the games will only be able to be played by those aged 21 and over.

Restrictions will also be in place for the operators which were blacklisted in the 12 months before submitting their application, as they will now be ineligible for a licence.

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