New Gambling Laws in Greece Are Approved by Parliament
For months, lawmakers in Greece have been looking at ways to generate more revenue from the gambling industry. This week, a set of new gambling laws in Greece was officially approved by Parliament. It’s an exciting time for both gamblers and gambling operators in this country.
Many countries in Europe are choosing to update their gambling regulations. Today, we’re going to look at what new laws Greece has approved. We’ll also talk about how these new regulations will affect gamblers and gambling companies in this country. Let’s get into it!
Greece Flip Flops on Tax Raise For Online Gambling Operators
As we’ve already mentioned, lawmakers in Greece have been working hard to generate more money from the gambling industry. Not long ago, the Ministry of Development here introduced a plan to hike gambling taxes for online gambling operators. It was supported by many individuals, who felt it was time for gambling companies in this country to pay more money.
Under the proposed set of laws, online gambling operators in this country would be required to pay 35% of their gross gaming revenue to the government in taxes. Operators would also not be able to deduct this tax before any corporate tax is applied.
Several days ago, reports surfaced that the government .
Now, it appears that the government is changing its stance on again. Parliament has officially approved the new gambling laws in Greece.
Let’s look at what’s coming here.
New Gambling Laws in Greece, Explained
As we’ve already mentioned, online gambling operators in Greece are seeing their tax rates increase. There are also a number of new regulations that are coming here. Many companies are also now able to continue offering popular games.
Under the new gambling laws in Greece, online gambling operators are now allowed to offer their players Random Number Generators, such as slot machines. The licensing fee for online casino operators has been moved to €3 million. A 35% gross gaming revenue tax is being placed on these companies. A 20% corporation tax is also being implemented.
All 24 of the licensed online gambling operators in Greece can continue offering services here until March of 2020. Once this date arrives, these companies must reapply for a new license. The companies previously blacklisted by the government will not be eligible to apply for one of these new gambling licenses.
These new regulations will almost certainly help the government receive more money. The higher tax rate, in particular, will have a major impact on revenue earnings. Hopefully, the online gambling operators here choose to reapply for their licenses in 2020.
Recently, one of the top US casino companies revealed its plans for a new casino near Athens.
Mohegan Gaming Pushes to Operate Casino in Greece
Mohegan Gaming & Entertainment is one of the biggest casino companies in the US. Earlier this month, officials within this company revealed their plans for a casino in Greece.
The Greek government is currently taking bids for the right to operate a casino-resort on the Athens Riviera. As of now, only two companies are competing for the right to operate this new gambling venue. Mohegan Gaming announced that it’s teamed up with a major Greek company to construct an $8 billion resort called Hellenikon, on the sight of the former Athens airport.
Mohegan plans to construct two major skyscrapers with the casino-resort. A luxury hotel, entertainment area, and an entire sports venue will open, too. The casino is expected to be constructed within two to three years.
The new gambling laws in Greece will not affect the country’s land-based casino industry.
Do you think these new gambling laws in Greece are fair? Let us know in the comments section below!
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