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GREEK DRAFT ON GAMBLING BACK TO THE DRAWING BOARD
Written On 4/2/11 By Emily Apontif :
European Commission not happy with current draft
Attempts by the Greek government to impose limitations on its liberalisation of a formerly monopolistic gambling industry have met with another less than enthusiastic response from the European Union this week, and a rejection of the Greek attempt to fast-track the controversial legislation, on which the Greeks have already had to back off on certain provisions.
The latest developments are likely to place increasing pressure on the cash-strapped Greek government if it hopes to get the new laws in place this year.
InfoPowa readers will recall that the Greeks have had to move away from the initially proposed 6 percent tax rate on turnover to a more practical but still unattractive gross margin tax of 30 percent. Operators will also be subject to normal corporate tax of 25 percent on net profits.
Then a proposed 'black period', in which applicants for licenses would have had to shut down operations pending the grant of a licence, was removed from the draft following an outcry from would-be operators.
That was followed by lowered minimum share capital requirements of Euro 400 000 and a more reasonable letters of credit demand of Euro 200 000 instead of the originally proposed Euro 300 000 in the tendering process. Minimum bet provisions were also reduced from Euro 5 to Euro 2 at the top end.
The draft now makes provision for the issue of 50 licenses instead of the originally proposed small numbers at exhorbitant fees.
Current estimates are that the ‘legal’ Greek market is worth around Euro 10 billion a year, making it an attractive arena...but only if tax and regulatory requirements are attractive enough to encourage online operators to set up business.
It is known that Greek punters are adept at using the internet to gamble, and will therefore be difficult to entice to locally licensed sites if the offers are not sufficiently competitive.
If the Greeks make the same mistakes on high taxation and onerous requirements as the French have done, they too may subsequently be forced by flagging operator interest to revisit the legislation.
The question of how advantaged the OPAP monopoly will continue to be in the Greek market will also be exercising the minds of potential internet licence applicants. With its established position and multitude of domestic land outlets suitable for cross marketing already in place, the company occupies a strongly competitive position in the market that will inevitably impact any online activity.
Last month the Right2Bet action group lamented the short - 5 days - public consultation period that the Greek government had allowed for comment on its proposals. It was yet another indication that the planning on the liberalisation of the Greek market continues to leave much to be desired.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
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Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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