Greek online betting licences to cost €3m

The Greek parliament has passed a new law backing the permanent licensing of online gambling operators.

Under the new rules, one licence will be needed for sports betting and one for online gambling, with licence holders able to hold both types of licences.

Online betting licences will cost €3m (£2.5m) while online casino licences will cost €2m (£1.7m). In both cases the licences will be valid for a period of seven years.

The provisions were included in a 1,000-page fiscal stimulus bill designed to increase investment in Greece.

To qualify for an online licence, operators must have a registered office or permanent establishment in Greece, the EU or EEA and must have paid up capital of at least €200,000.

All sites must operate with the .gr domain, while any site can host a maximum of one licence type, i.e. solely sports betting or solely casino.

Applicants are required to make a security deposit of €500,000 with a credit institution based in Greece, the EU or the EEA.

The regulations provide for a two-month-period in which licence applications will be considered, with all applicants required to pay a fee of €10,000 with their application.

Holders of online gambling licences are required to select partner firms from the Hellenic Chamber of Commerce’s partner register and licensed operators can only partner firms appearing there. To be included on the register, suppliers must pay a one-off fee of €1,000.

Under the new regulations, any sale or intended acquisition of shares in a licensed online operator of more than 2% must first be notified to the Hellenic Gambling Commission.