Greece gears up for new online gambling license reform

Greece will be reforming the current online gambling license application in 2016 following the current failure of the present system. The ruling Syriza government said that the present licensing system had contributed a paltry €60,000 to state coffers over the last three years where the new system the government believe will rake in some €500 million.

The Greek Deputy Finance Minister Tryfon Alexiadis said recently in parliament that the government will be reforming the current licensing act for overseas gambling operators who want to enter the Greek online market. He said in his speech that, “the government want to forge a conclusive regulatory landscape for online gaming.”

Previous Finance Minister Yanis Varoufakis said in 2015 that new issued licenses would be valued at €3 million, with tax rates remaining the same for operators but they would have to use a payment system controlled by the Greek Central Bank.