This post is part of a series about European Poker Regulation
Greek poker is legal and Greek online poker is about to get a whole lot more open, well.. at least in theory! As almost anyone around the world already knows, Greece has been in a very bad place since the crash in 2008, with this disaster stricken country of 11 million citizens owing more than 350 billion dollars to a group of European banks, but Greek officials believe that opening their doors to more gambling operations in 2016 can bring in as much as 500m euro annually and help to pay off a part of their massive debt.
Greek poker history
Poker & Betting in Greece is in fact legal already, both land based and online. But the current regulation is such a mess that it has only managed to generate a meager 60,000 in revenue in 3 years. In 2011 Greece legalized betting with much fanfare, and many big brands like William Hill applied, but a year after applications were submitted, they were promptly revoked in favor the national monopoly OPAP.
Greek landbased poker
Greek landbased poker is mainly aimed at tourists, if you’re player then you should be hunting these games down because no online game will be as soft. If you’re an operator look for holes in the new regulation to start pushing betting inland because the greek crowds have nowhere to bet.
Greek proposed poker law
The new regulation, which was first advertised in the middle of January of 2016, is full of massive fees that may not be so appealing to many of the brands operating in the continent. The Greek intend to enforce a whopping 3 million euro fee for a 5 year period, coming up to 600,000 euros a year in addition to a yearly minimum prepay of 1 million euro tax, calculated at a tax rate that has not yet been revealed. There was also no mention of refunds for smaller brands, or mentioned of land based changes. This obvious cash grab may work, since the greek are known to be big gamblers but many brands will find these terms to be very hard to handle and we don’t expect the country to rake in anything close to the 500m euros annually that they anticipate.