New draft legislation has been submitted to the European Commission this week to better regulate the gambling industry in Greece.
Submitted by the Greek Ministry of Finance, the draft gambling rules show that online sports betting and other games will be subject to stricter rules if approved.
The bill comes into being when the Ministry of Finance wants to carry out further checks on the gambling industry.
The legislation states that licenses for online sports betting have a duration of seven years and cost € 3 million, while licenses for other online games cost € 2 million, which also have a lifetime of seven years.
RNG games (Random Number Generator) are subject to a maximum bet of € 2, with the maximum win per game session being limited to € 5,000. Jackpot games are limited to paying out a maximum of € 500,000.
Advertising RNG games is also restricted under draft legislation by advertising only on sites where they can be played.
Although advertising restrictions do not apply to other forms of online gaming, such as sports betting, poker, and other casino products, players are set to have an age limit of 21 or older.
Operators who were blacklisted prior to submitting their application are no longer eligible for a license under the new rules.
According to Greek law, gambling is only permitted in casinos. All types of gambling and gambling outside of a casino is strictly prohibited and is a crime.
However, online gambling has become increasingly popular in the country in recent years.
There are currently eight casinos in Greece. Most are located on the islands, particularly in Rhodes and Corfu, which are some of the most attractive tourist destinations in Greece.
Lottery and sports betting is currently managed by OPAP, which has exclusive rights to all lotteries and sports betting in Greece. OPAP has a contract with the Greek government that gives the company exclusive rights for all sports betting and lottery activities up to 2020 and 2030 for casino games.
Lawmakers in Greece voted last year for new rules for online gambling where operators had a full license and regulation for the first time. The rules are intended to channel players to the regulated market and at the same time increase state revenue through licensing fees and taxes. It is estimated that taxes would yield an additional € 500 million per year for the affected Greek economy.