Greece drops egaming black period

The “black period” clause had been present in the initial draft released by the government in January, leading to fears operators would have to suspend operations until licensed, with the likes of Sporting bet, which generates 15% of NGR from Greece, particularly affected.

The Greek government’s u-turn on the proposed “black period” follows a similar move on its proposed taxation system earlier this month, switching to a 30% gross profits tax from a 6% turnover levy after briefing from industry lobby group the Remote Gambling Association.

While companies will still be required to incorporate in Greece in order to qualify, several of the financial requirements have been lowered, with those licensed only needing a minimum share capital of €400k (compared to €500k before), and a letter of credit for €200k (instead of €300k) in order to enter the tender process.

Other changes introduced include the lowering of the participation fee (minimum bet) from €5 to between €0.10 and €2. The issuing of a player ID card also becomes compulsory.

The Danish government also proposed a “black period” ahead of the regulation of its egaming market, until a complaint over tax rates to the EC compressed the possible timeframe for this to be implemented and enforced.