Greece: The business with the Gambling licences

By now it should be generally known, that generally speaking, when gambling products are regulated, it is profitable for the state coffers. This can for example be seen happening in Greece. Here the process of distribution of licences is in full swing. By now they have already accrued a revenue amounting to millions in two digits, just from the distribution of licences.

A short while ago, the Greek economic journal “Sofokleous10“ had reported about the considerable revenue which the Greek government had generated from the distribution of gambling licences. According to the journal, 15,5 million Euro have already accrued. Besides these, a further income of 6,25 Million Euro is expected.

21,75 million Euro for the Greek coffers

The Greek government is asking a high price for its gambling licences. According to our information, an online betting licence costs three million Euro. A “Casino-Licence“ which permits not only the provision of only casino games, but also live-games and online-poker, will come up to two million in expenses. However it is to be noted, that both licences have a validity which is limited to seven years.

Since the licence costs are comparatively high, only a selection of gambling providers can afford to have a licence. Till now there is a total of only seven companies and gambling brands which hold a licence. Besides Stoixman Limited and Lucky Stream, there also OPAP, bet365, Betsson, Betmed und Plumo von Fonbet. All these companies have thus contributed around 15,5 million Euro to the Greek state coffers. Besides there is a sum of 6,25 million Euro which is overdue, whereby the companies involved have assured that the payment will be made soon.

At first only 14 gambling licences will be awarded

The Greek online gambling market should be strictly regulated and apparently the licence will only be provided to a limited number. Therefore in the beginning, only 14 licences will be distributed. This should generate an income amounting to 21,75 million euro.

Should there be further applications for a gambling licence in the coming weeks or months, then the revenue of the Greek government could increase by up to 70 million Euro. This is what is being reported in the Greek economic journal “Sofokleous10“.

Who still has a chance to get a gambling licence?

As the economic journal “Capital“ has reported, currently other gambling providers still have the opportunity of holding a gambling licence. Among these, there are the GLB Ltd. (Goalbet.gr) as well as the Sporting Odds Limited with their brands Sportingbet und Bwin. Apart from these, the Interwetten Gaming Limited and the NetBet Enterprises Limited are striving to get a gambling licence. The N1 Greece Limited, the Gamart Limited (Novibet) and WM Interactive (Winmasters) are among the other licence contenders.

Online-Gambling in Greece has gone through a boom

As it was announced several months ago, online gambling has experienced a real hype during the pandemic. In total, the Greek gamblers have invested more than 11 billion Euro in online gambling in the past year. The year before the investment was only around 8,5 billion Euro. This means an increase of around 28 % within a year. This is what is being reported in the news portal “Naftemporiki“. It is therefore no wonder, that even though the licence costs amount to between two and three million Euro, providers are still happy to pay this price.

Conclusion

The example of Greece shows clearly once again, that the governments can earn a lot of money through the legalisation of gambling products. Till now the Greek government has already earned 15,5 million Euro through the allocation of licences - and the revenue will clearly increase again. The costs for a gambling licence in Germany are also very high. We are excited to see, how many gambling providers will strive to get a German or Greek licence and how much money this will generate at the end. It would be also interesting to know, whether the revenue from the licencing procedures is also used to fight gambling addiction.

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