Greek Online Gambling License Auction

Posted 1/26/11 : Fifteen to Fifty licenses for a duration of five years says Greek Finance Ministry
Reuters reports that the Greek Finance Ministry has proposed to auction fifteen to fifty online betting licenses with a five-year duration and allow up to 30 000 low-stake gaming machines in plans presented in a draft gaming bill at a cabinet meeting.
The proposed law stipulates that Greece will hold an international tender to grant the licenses that will be provided exclusively through Greece-based websites and will be submitted to parliament "as soon as possible", said the Finance Ministry.
The new framework envisages a 6 percent gaming tax on revenue for both online gaming and gaming machines, which will allow Greece to achieve its revenue target of Euro 700 million from licensing and royalties in 2011.
The draft also envisages the issuance of between four to ten slot machine licenses, which will allow the successful bidder up to 30,000 machines with an 80 percent minimum payout ratio.  Bidders must be public entities with share capital in excess of Euro 500,000 that are based in Greece or have permanent presence.