The Greek Ministry of Finance has published new licensing guidelines, requiring operators to pay up to E5m for a five year approval period under new regulatory measures.
Internet sports betting operators will be expected to submit an initial E500,000 deposit with each application, before paying a further E3.5m to operate, before an additional E1m to offer online gaming services.
Companies seeking approval will also need to present evidence that they are licensed in one other EU member state, with operators required to present applications for renewal at least one year in advance.
Greek-facing servers must be located within the country, and locally licensed payment processing firms must be prioritised for payment systems.
Once granted, customers of the successful licensees will pay tax according to a variable tax rate, with winnings under E100 not eligible, winnings from E100 to E500 subject to a 15 percent rate, and a 20 percent tax rate placed on all figures above E500.
However, the Ministry’s statement offered no update as to the controversial 35 percent tax rate set to be levied on operators themselves.
The new guidelines also specified that companies blacklisted by the government within the previous 12 months would not be considered for a licence.