Greece increased iGaming licence payment
Online operators face an increase in the obligatory payment to obtain an iGaming licence in Greece.
Greece.- Greek authorities allowed an increase in iGaming licence payments starting this week. The new regulation sets a €5 million payment in order for online gaming operators to obtain a legal licence and operate in the regulated market of Greece. The increase in licensing payment will affect both online gaming platforms and sports betting sector.
The regulation took effect last Tuesday when the Greek Ministry of Finance published the approval that establishes that online sports betting licences will cost €4 million. Furthermore, companies interested in operating the Greek gaming market will need to pay an additional €1 million to allow their services to go online.
Under the new legislation, operators will have to deposit €500,000 as part of their application to obtain a five-year iGaming licence. Operators approved by Greek gaming authorities would have to renew their licence at least one year before the expiry date. Companies that want to apply for an iGaming licence would also have to hold a licence in another country in the European Union.
Furthermore, applicants must have their local servers based in Greece and are required to establish accounts with locally licensed payment processing institutions. Under the new licensing regime, 24 operators which were working with temporary permits will now be able to apply for new licences.