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Greece Finally Unveils New Online Gambling Regulation

To begin with, it will cost €4 million for an operator to acquire a new license that only covers online sports betting . It will cost another €1 million if they want to offer more online gaming options. The licenses will be good for five years and applications for renewals must be made at least one year before a current license is due to expire. Operators who apply for licenses have to deposit €500,000 and be able to show that they possess a valid license to operate in another European Union jurisdiction. They must also submit financial records from the previous three years. Operators who have appeared on Greece’s gambling blacklist within the previous 12 months will not be allowed to apply for a new gambling license. This includes GVC Holdings who have had several of their brands appear on the blacklist recently. It is unknown whether or not a €187 million demand for back taxes that was given to GVC in January will have any license-related ramifications on the company. GVC has set enough money aside to cover the tax bill but they are currently challenging the back tax demand in court. The new gambling license regime places a variable tax rate on winnings which will be withheld by the gambling operators who will forward the money to the taxman. There will not be any taxes withheld on winnings under €100.

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Global Online Gambling & Betting Market 2017-2023 - Analysis & Forecasts by Poker, Casino, Social Gaming, Lottery, Bingo, Sports Betting & Fantasy Sports The "Global Online Gambling & Betting Market - by Gaming Type, Device Type, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2017-2023)" report has been added to ResearchAndMarkets.com's offering. The Global Online Gambling & Betting Market was worth 143.32 Billion USD in 2017 and it is estimated to grow to 279.8 Billion USD by 2023 with a CAGR of 11.8% between 2017 and 2023. The Online gambling and betting refers to organizers providing gambling and betting games, such as, casino, poker, sports betting, lottery, and other games to their customers through an Internet-based digital platform. This helps customers to watch and participate in gambling and betting activities in real-time through their Internet-enabled electronic devices. The Europe region is expected to lead the Global Online Gambling & Betting Market in forecast period.

For the original version including any supplementary images or video, visit https://www.prnewswire.com/news-releases/global-online-gambling--betting-market-2017-2023---analysis--forecasts-by-poker-casino-social-gaming-lottery-bingo-sports-betting--fantasy-sports-300708745.html

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