Greece proposes overhaul of gambling licensing

Monday, Aug 29, 2016 13:30

The Greek economy continues its recovery. A year in government, support for Syriza is decreasing, as taxes are rising and unemployment remains stagnant. Greece’s Prime Minister Alexis Tsipras is looking for alternatives to boost state funds. Several members of Syriza have suggested that an overhaul of current gambling licensing processes can improve the state treasury. Simplifying the process of applying for a gambling license in Greece could attract international casino game providers.

Local online casinos are in operation. However, due to a lack of coherent licensing strategy, Greece has been not able to extract sufficient taxes from businesses in the iGaming sector.

According to unofficial figures, gambling operators paid a combined €60.000 in taxes last year. The Greek government expects that a change in legislation will result in €500 million collected in taxes. Local gaming and gambling operators will not face an increase in tax rate. This means the profit margin, and payouts can remain stable. Instead, Finance Minister Tryfon Alexiadis is hoping that the reform will attract greater numbers of international online casino operators.