Main provisions of the Greek Gambling Act
The Greek Gambling Act has undergone several amendments to shape the current online gambling landscape. Initially, all forms of online gambling were banned in Greece, with the prohibition enforced under Article 17(1) of Law 3229/2004.
However, the landscape began to change with Law 4002/2011, which introduced a licensing system for online gambling. This law prevents access to casinos in Greece without verification. Still, it temporarily allows operators licensed in the European Economic Area (EEA) to offer services in Greece, subject to retroactively taxing their past profits.
The Greek gambling landscape underwent a transformative update with the enactment of Law 4635/2019, revising the earlier Law 4002/2011. This reform departed from the previous method of public tenders, ushering in a new era of fixed-term, renewable licensing for online gambling ventures.
The revised legal structure offers two distinct license categories: Type 1, catering to online betting, including actual events, fantasy sports, and virtual happenings, and Type 2, designated for various online games of chance, such as casino offerings and poker.
Aspiring holders of a Type 1 license face a fee of EUR 3 million, whereas Type 2 licenses come for EUR 2 million. Each license type is granted a renewable lifespan of seven years, signaling a progressive step in regulating and nurturing the online gambling sector in Greece.
The Hellenic Gaming Commission grants licenses within two months of receiving an application, provided all conditions are met, including technical and financial requirements, fit and proper assessment, submission of a performance guarantee, and payment of license fees.
This new regulatory framework aims to establish a solid online gambling market for 1 Euro casinos in Greece, ensuring effective supervisory oversight and resolving legal uncertainties that previously plagued the sector.