The Development of the Gambling Industry in Greece

Greece is a mainland-island country, on the territory of which almost all existing types of games for money are allowed. The first land-based location was opened in 1928. Today, the gambling industry in Greece is represented by 9 offline casinos and an extensive virtual market, which has become available since August 2011.

The Hellinikon integrated casino resort can be called the largest land-based project of our time. Specialists of 2WinPower have gathered comprehensive information on the latest news of the industry, the nuances of the project, and the features of launching your own business in Southern Europe.

Features of the Legislative Control Over the Gambling Sector in Greece

The only authorised regulator in this country is the Gambling Commission for Supervision and Control. It can issue appropriate licenses and certificates to applicants, monitor the market, and control the process of organising any gambling business in Greece.

The commission has 9 members appointed by the Ministry of Finance. Every 4 years, representatives of the apparatus are re-elected (the possibility of extending the term is allowed only once). Moreover, every two years, half of the composition of the commission is renewed.

An interesting fact is that only a legal entity can apply for the launch of its own gambling project in Greece. Non-commercial organisations can never obtain a license.

The following documentation set is required from applicants:

1. Certificate of the absence of the brush with the law.
2. Confirmation of the fact that they own certified gambling equipment.
3. Documents for all games presented in each of the registered slot machines.
4. Confirmation of the acquisition of the right for the gambling equipment handling (legal ways of acquiring the software and land-based devices are leasing, sales agreement, ownership transfer, other).
5. Records of the movement of gambling devices (between stores, from warehouses to gambling halls, in places of repair, and so on).

All of the above-mentioned documentation can be sent in the electronic format. Also, the applicant makes a mandatory annual contribution for the use of virtual gambling services, as well as an annual license fee.

About the Nuances of Working in the Virtual Market

As we have mentioned earlier, online business has become legal only in 2011. During the same period, the local regulator has granted 24 temporary licenses to foreign entrepreneurs. But, in 2012, their validity was suspended: the online business in Greece has turned into a monopoly (became the property of the OPAP operator). The enterprise received exclusive rights for the organisation of lotteries and online casino services until 2030.

The European Court held that this situation was unlawful. At the moment, the government is developing new measures and a legal system for regulating the online gambling industry.

According to preliminary information, foreign entrepreneurs will have to pay the following amount of money for the gambling business in electronic format:

• 3 million euros — the approximate price of the license (the document is issued for 5 years);
• 1 million euros — the minimum tax rate (35% of the consolidated revenues of the gambling establishment).

Gambling in Greece: the Market Today

The country's land-based gambling industry is concentrated in the continental part and on three islands: Corfu, Syros, and Rhodes. Most casinos work seven days a week and receive visitors on a round-the-clock basis.

The Largest Project of our Time: the Hellinikon Casino Resort

A unique gambling location will be opened on the territory of the abandoned airport, which was closed in 2001. An area of ​​700 hectares is located 7 km from Athens, on the coast of the Aegean sea.

A tender for the construction of the resort was officially closed on October 4 at 8 am. Initially, there were five operators who were planning to take part in the construction, and four of them were American gambling concerns.

Now, the main “battle” is between Hard Rock International Mohegan Gaming & Entertainment and the local contractor GEK Terna. The official announcement of the results of the tender is scheduled for the end of November.

The future winner will have to build the gambling complex with at least 120 tables and 1200 slot machines. Moreover, the project involves the construction of a hotel, a conference centre, and a sports area.

The first income from the casino is expected to come by the end of the year: the tranche for the project from the Lamda developer will reach 300 million euros.

According to experts, the launch of the project can increase the country's GDP by more than 2.4%, provide more than 10 thousand job opportunities during the construction and about 75 thousand after commissioning. The authorities also hope for a significant increase in the flow of tourists.

Conditions of Participation in the Tender

The local regulatory body has put forward the following demands for the candidates:

• work experience in gambling locations with at least 100 gambling tables and 500 slot machines;
• proprietorial rights of the hotel complex with a capacity of 800 rooms (five stars);
• availability of a conference centre with an area of ​​7500 square metres or a public complex for sports and cultural events with a capacity of more than 2000 people.

All of the above-mentioned facilities must function for at least two years. Moreover, participants of the tender should have a start-up capital in the amount of over 200 million euros (official profit from gambling for the last three years) and the annual turnover of at least 400 million euros. An additional condition is two tranches of the pre-payment to the contractor.

Conclusion

Gambling in Europe is one of the most popular and promising niches for beginning entrepreneurs. Investment in foreign projects and operation in the countries of the EU opens up a number of prospects for businessmen:

• the trust of gamblers;
• a quick search for partners;
• ability to interact with the best banking institutions on an expedited basis;
• loyal taxation system;
• ability to work with the best software vendors;
• legal work without the unwanted attention of the authorities;
• wide audience.

Leave an application to the specialists of the 2WinPower company, and we will show you the most profitable and fast ways to open your own business in Greece and other European countries.

We are ready to fall in with work at any stage of the implementation of a startup and offer the most favourable terms of collaboration. We have the most modern products from the world’s leading suppliers and a wide range of personal developments.

When ordering an online casino at 2WinPower, you get an exclusive project that can compete with the most successful gambling locations in the world. Fill your niche already today!

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