Gambling regulation is about to change in Greece. The Greek Ministry of Finance has provided the European Gaming Commission with a draft of their new gambling regulations. The group is preparing to implement new regulated controls throughout their entire gambling industry. The draft includes controls detailing separate licensing which will be available for online casino gaming and sports betting.
The online sports betting license for Greece will cost $3.4 million while the online casino option will have a price tag of $2.4 million. Each of the new license options will be valid for seven years. On top of licensing details, the new regulations also focus on random number generator games. Such games will be limited to a maximum stake of two. Profits per gaming session will be capped at 5,000.
Additional changes include Jackpot Games. These titles will be limited to a maximum payout as well, but the amount is much larger at 500,000. With the random number generator games, they will be banned in the region unless they are promoted at sites where they are allowed to be played.
The Greek Ministry of Finance have also included details on gaming age, exempt gaming options from RNG rules and blacklisted details. Players have to be 21 years of age or older to be legally eligible to gamble.
For online gaming, sports betting and other types of casino products, they are all except from the Random Number Generator rules. Any operator who was blacklisted from the jurisdiction twelve months before submitting an application for licensing will be prohibited from applying to offer services.
All these changes must be approved by the European Gaming Commission before being implemented in the country. It is unclear as to when the Commission will announce if the new regulations are acceptable. Greece is just one of several countries currently restructuring their gambling industry regulations, as many changes are afoot across the globe.