Under Greece’s previous online gambling legislation, all operators who wish to obtain a license in the country would have to cease operations until they are approved. Now, the government has scrapped those plans, after many industry authorities viewed them as controversial.
The plans for a black period were included in the first draft legislation, but were met with several complaints from operators and gaming authorities. The next version of the draft that was released neglected to mention the black period at all, so analysts believe that the country wanted to avoid controversy by including the stipulation in the bill.
Greece’s online gambling legislation has been a long time coming, as the government has been met with resistance by many gambling authorities. After months of struggle, however, things finally seem to be coming together.
The legislation has also lowered requirements for operators applying for licenses. Rather than having a minimum share capital of €500 000, operators can now have a minimum of €400 000 and a letter of credit for €200 000 instead of €300 000. These changes will likely result in an increase in applications, meaning a richer, more competitive online gambling market in Greece.