Online Gambling Companies in Greece Face Higher Tax Rates
Greece is making some significant changes to its land-based and online gambling industry. The government here is working on new ways to generate revenue from foreign gambling operators. This week, plans were revealed that show tax rates are increasing for online gambling companies in Greece.
It’s disappointing news for gambling operators in this country. Let’s look at the current set of gambling regulations here and discuss how these laws are changing.
Land-Based and Online Gambling Laws in Greece
Gambling has taken place in Greece for thousands of years. Until recently, there were no real laws that monitored the country’s gambling industry. Lawmakers here eventually realized that something needed to change, and granted a company called OPAP a monopoly over all gambling activities in the country.
OPAP has proven to be a hugely successful company for the government. In 2018, for example, this gambling operator took in more than €8 billion in wagers.
By 2011, the government here created a legal framework for foreign gambling companies to offer their services in Greece. Before long, many of the top online gambling sites in Europe were available in this country. Tax rates for these companies weren’t unlike the rates in many of the other European countries with open online gambling markets.
Earlier this year, politicians here began working on a plan to change the country’s online gambling regulations. This week, the plans were revealed, and many gambling operators are unhappy with what’s being proposed.
Tax Rates Increasing for Online Gambling Companies in Greece
It was about time for Greece to change its set of internet gambling laws. This country is just finally beginning to recover from its recession and is looking for any way to acquire more revenue. Many gambling analysts predicted that online gambling operators here would be asked to pay more money to the government.
The country’s Ministry of Development and Investment recently sent the gambling reforms plan to Parliament for approval. It lists the new tax and licensing rates for online gambling companies in Greece.
If approved, online sports betting permits will cost €3 million. Online casino and poker licenses will now cost €2 million, double than what they cost before. These licenses are valid for seven years. Each license can be renewed, granted the company’s request a renewal at least a year in advance.
Online gambling operators in this country are now being required to pay a 35% tax rate on their revenue. Interestingly, this new plan does not allow companies to deduct this tax before their corporate tax is applied. Essentially, this means that the corporate tax rate applies to one-third of operators’ entire revenue.
New internet gaming companies here must operate using a .gr domain and need to have servers based in Greece.
Parliament will make its decision on the new plan in the next few weeks.
Mohegan Gaming Continues Push to Operate Hellenikon Casino
Greece is continuing to expand its land-based casino industry right now, as well. Based on numerous reports, the government here is ready to license a company to operate the proposed Hellenikon casino, opening in the former Athens International airport. Two companies are pushing hard to operate this new gambling venue.
Mohegan Gaming and Hard Rock International both want permission to control the Hellenikon casino. Earlier this week, Mohegan Gaming officially . This company is partnering with a Greek company called GEK Terna.
Mohegan claims that it will invest more than a billion into this new casino. Two skyscrapers will be constructed on the casino site, which will feature a luxury hotel, an entertainment venue, and a sports venue.
Hope is that within the next 24 to 36 months, the Hellenikon will finally be constructed.
Online gambling companies in Greece are facing new heavy tax rates. Make sure to stay tuned for more news on this casino over the next few months!
For months, Kenya’s online sports betting industry has been under attack ...
The UK gambling industry continues to be hit with new regulations. As a res...
Gambling laws in Russia are fairly restrictive. Only a few areas of the cou...
The gambling industry in Finland has been the subject of controversy over t...