Gambling has been around in different forms for several thousands of years, and Greece is no exception to that rule. Right from starting the Olympics, Greek punters have also been betting on the same events since its inception. While the laws and restrictions surrounding online gambling in Greece have changed over the years, online and casino gambling is allowed in Greece, albeit with some restrictions. Gambling is permitted within casinos and online casinos that hold valid licenses to operate in Greece. Punters across Greece place several million wagers, mainly on football bets in matches in Europe and Asia. However, Greece is also a popular tourist destination and home to several casinos and betting opportunities. Punters in Greece can access sportsbooks, websites, and gambling services outside their country with the facility of viewing the site in a native language such as Greek.
Greece Online Gambling
Some of the important factors punters need to consider when online gambling in Greece includes licenses, tax rates, age limits, maximum slot wagers, maximum winnings on games, etc.
The Greek Hellenic Commission issues two types of gambling licenses: an online sports gambling license and online games of chance license. Each license is priced at 3 million and 2 million Euros respectively and valid for 7 years at a time. Greek nationals and residents of Greece can access websites located outside the country and make legal wagers.
The taxes on gambling gains are subject to reasonable restrictions in Greece. Individual punters can expect an exemption of tax on an amount of up to 100 Euros. Any winnings between 101 and 500 Euros will attract a tax rate of 15%, whereas winnings above 500 Euros attract a tax rate of 20% on all winnings. The current tax rate for license holders is 35% of gross revenue.
Punters have to adhere to a strict age limit restricted to individuals at 21 and over. While some other countries may allow punters to gamble at the age of 18, Greece’s regulations prohibit any individuals under the age of 21 from gambling or risking facing confiscation of winnings, fines, and punishment. Moreover, underage gamblers may face restricted gambling services even after attaining the age of majority.
Maximum Slot Wager
In any slot machine game, punters are restricted to a maximum of only 2 Euros per slot wager. While that amount may not seem like much, it’s designed to protect a punter from spending too much too soon. The minimum amount a punter can wager is usually set by the sportsbook and varies from sportsbook to sportsbook.
Sportsbooks and punters also face restrictions in terms of prizes bettors can win. For any online betting game, the maximum a punter can win is restricted to 5000 Euros. The jackpot limit for all jackpot promotions and games is restricted to ten times the game win or a maximum of 50,000 Euros.
Punters cannot take credit or borrow money to place wagers. Punters aren’t allowed to place a credit bet either, irrespective of the gambling service. Forbidding credit-bets helps ensure punters play for fun and restricts how much a punter can lose (or go into debt) while making wagers. It’s never advisable for punters to take a loan to make a bet or buy stocks as the move can work against the punter.