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Is Greece The Next Hot Online Gambling Market?
By Shane Addinall Jul 17, 2021 IndustryWith the proven financial value of regulated and licensed online gambling Greece has opened its doors to operators interested in offering sports betting and games of chance. Could the Greek gambling market be our next global success story?It is amazing what a few short years can do to the business potential of a country when the people in charge love the land, its people and strive to push it forward.
Anyone involved in the online gaming space will remember that 2015 was a tumultuous time for operators who had set up their business accounts in Greece. The region was in an economic free fall and to save the financial system from collapse the government put a freeze on all withdrawals and transfers.
The situation was so dire that it was likened to America’s Great Depression and Greece even became the first Eurozone country to ever miss a debt payment to the International Monetary Fund (IMF).
Rising From the Ashes
While Greece made financial headway post that initial crisis it has not all been sunshine and roses with the strain of the pandemic once again seeing Greece enter a recession in 2020.
However, not one to be caught on the back foot again Greece has been courting the financial wealth of international investors and others with a Non-Dom tax regime promising a flat tax rate of €100,000 regardless of the total asset or income value.
Add to that, as a member of the European Union Greece has had a front-row seat to the revenue-generating potential of licensed and regulated online gambling. Earlier this year the Hellenic Gaming Commission (HGC) announced that it had begun the process of offering licenses relating to online sportsbooks and online casino games to international gambling operators.
In addition to a 35% tax rate, the HGC also announced that the initial licensing fees had been set at €2 million for an online casino and €3 million for an online sportsbook. Considering that conservative estimates put Greek gambling revenues at approximately €600 million a year the taxes and licenses will make be a welcome addition to the region’s coffers during these trying times.
iSoftBet Leads The Way
iSoftBet holds the honour of being one of the first online gambling suppliers to be awarded a license in the newly minted gambling market. The HGC awarded them an A2 license which allows them to make their GAP aggregation platform and their suite of casino games available to licensed operators.
iSoftBet Chief Commercial Officer, Federica Faggiano, said:
“Securing licences in emerging markets such as Greece will enable us to do what we do best; offer leading operators the full spectrum of our high-quality proprietary and third-party content, and both launch and accelerate their local brand presence with maximum speed and efficiency via our proven GAP platform and innovative player engagement tools.”
Mark Halstead, Compliance Manager at iSoftBet, added:
“This is another landmark moment for the business showing how ahead of the curve we are in entering the latest regulated and regulating markets with the biggest brands. We’re looking forward to launching and showcasing our content and platform power in Greece.”
Greek online gambling fans don’t have much longer to wait as legal gambling sites such as Betsson Casino and Interwetten casino will soon play host to iSoftBet’s full suite of games including such titles as Jackpot Rango slot, Mighty Stallion Hold & Win slot, Greta Goes Wild slot and Hot Spin Megaways slot!
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