Greece has modified its initial draft proposal for how it seeks to regulate the online gambling industry in the country.
This new draft, which was pushed forward by the Ministry of Development and Investment, actually has some good news for operators who are looking to acquire a sports betting license as the fee is set to reduced by €1m or $1.1m to €3m ($3.3m) per license.
However, the same cannot be said for online casino and poker operators as the expense of getting a license is set to double to €2m or $2.2m). The same charge would apply when licenses are to be renewed every seven years, as long as an indication is given a year before that the company wants to renew its license.
Modifications have also been cited for how tax is computed by online gambling operators in Greece. While the tax on gross gaming revenue is mandated to stay the same at 35%, this can no longer be subtracted before adding corporate tax.
Despite the original 2011 law provision, operators must now look at their corporate tax responsibilities as a third of their income. They cannot subtract the value of the license or any other charges.
Other conditions include operating using a .gr domain and instituting servers in Greece, which must be licensed to the Hellenic Gaming Commission (HGC). Data must also be stored for a decade in case it would be needed for any inquiries.
Stringent penalties would be in place for those that falter in adhering to the said regulations, such as an operator who has its domain blacklisted within a year of being refused a license. This also includes operators that have unpaid tax obligations.
Any affiliate marketing partner of an operator that has a digital license would also need to register with the HGC. It must pony up €1,000 or $1,100). Operators are also not allowed to produce promotions for the Greek pubic with an affiliate who has yet to be registered.
For operators who were issued a temporary license under the terms and conditions of the 2011 agreement, these licenses would still be valid but only until March 31, 2020.
If an operator fails to forward an application under the newest rules, they must then dismiss all operations within a month of the new legislation coming into force.