The Greek Ministry of Finance recently announced that they’ve put their draft for new gambling regulations to the European Commission and are now awaiting approval. It’s a move intended to kick-start new rules regarding how the gambling industry in that country is controlled.
The presentation is specifically aimed at online casino games and internet sports betting options, where operators need a license to provide the services they do. These permits cost €3 million for wagering online and €2 million for casino-type games, and they are valid for seven years.
This is a landmark change for the Greek government, as it’s the first time they are actually fully licensing and regulating online betting and gambling operations.
What stands out about their submission is how strict the government’s controls will be on the Random Number Generator mechanics that govern games of luck. These titles will offer a maximum bet of €2 and a cap on the prize, €5 000. Additionally, Jackpot games will have a limit set to their payouts, with the highest amount it’s possible to win being €500 000.
On top of this, absolutely no advertising will be allowed for RNG products, so brands will only be able to promote their wares on their websites or via their phone applications. These restrictions will not, however, apply to any other kind of online gaming activity.
As part of this process, the Greek government is treating previously blacklisted operators very firmly. They will be banned from even submitting a license application for at least one year.
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