Greece: Stake limit increased tenfold from 2 to 20 Euro

As it was announced around two weeks ago, the maximum stake limit allowed for every game round in Greece has increased significantly. Till now players could make a maximum stake of two Euro per game round. This amount will be increased tenfold with immediate effect. But what is the reason for this sudden increase of the stake limit from 2 to 20 Euro?

A few days ago, the Greek Finance Minister published a Ministerial Decree, which will please many gambling enthusiasts. The maximum stake limit allowed per game -round in online casinos shall be increased significantly. Whilst the stake limit till now was that of 2 Euro per spin, it will now be 20 Euro, and this with immediate effect. In summer 2020 we had already reported about the details about the envisaged gambling Law in Greece.

Requirements relaxed by Greek Finance Ministry

It was only around a year ago that the online gambling market in Greece was legalised. Since then, online casinos may provide online gambling such as virtual slot machine games, under strict conditions. Till now there has been a strict maximum stake limit of two Euro per game round. With the decision taken by the Ministry of Finance this limit will now be increased tenfold and this will take place with immediate effect. Accordingly Greek gambling enthusiasts can now gamble in licensed online casinos with up to 20 Euro per spin.

The “new law” does not only apply for virtual slot machines, but also for other games as Roulette, Blackjack or Poker. As regards sports betting, this was not previously been covered by any maximum stake limit.

The Greek Finance Minister Christos Staikouras has already decided on this. The decision was preceded by a recommendation of the responsible Gaming Authority Hellenic Gaming Commission (HGC). Several gambling providers had already suggested that the stake limit is increased.

Players can now win up to 140,000 Euro per game

Following this legislative change, the players in Greece can now win up to 140,000 Euro per game-round with immediate effect. Jackpot-winnings are excluded from this legislation and thus these can even be significantly higher. Till now the winning limit was 70,000 Euro per game. In July of last year we had already reported about the business with the gambling licences in Greece.

Besides this, the minimum time of play of three seconds has been decreased. With immediate effect, a game round must now be of a minimum two-seconds duration.

Gambling providers had complained about the previous requirements

The Greek economic portal “The Power Game” has reported that many online gambling providers had complained about the strict measures about player protection. Among other things they had pointed out, that through the maximum stake limit of two Euro per game round which had been previously introduced, the revenues had collapsed rapidly. Therefore, the massive increase of the permitted stake limit per game round will be met with approval from the side of the providers.

The President of the Greek Gambling Authority, Dimitris Ntzanatos, explained in a statement that the current relaxation of measures was right. At the end of the day. they will be of benefit for the market, because the players will not turn to illegal gambling offers but will choose to play with licensed providers.

Conclusion

The Greek Finance Minister, on the recommendation of the National Gambling Authority HGC HGC has increased the allowed stake limit from 2 to 20 Euro with immediate effect. Besides this, the minimum time of play has been reduced from tree to two seconds.

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