What’s the Future of Online Casinos in Greece?
As the country’s gambling commission is pushing to make its laws similar to the rest of the continent, the Greek online gambling market is set to be more attractive than ever. And with the law that foreign operators can apply for licenses, it’s going to be a huge increase in the number of online casinos and sports betting sites in the country.
For the country, this implies better revenue, and for players, it means a sea of casinos to pick from, with enticing bonuses and game catalogues. Currently, Greek online casinos are only allowed to display their bonuses to registered users. However, with the continual relaxation of laws, we predict this also would be a thing of the past, and players will be able to make better choices with casino bonuses as a major influence.
In addition to the foreseeable boom of online gambling in Greece’s future, an increase in land-based casinos and resorts might be encouraged. This ties in with promotions that you can find in the best online casinos, promising their loyal players vacations and tours in their land-based casinos and resorts.
Legality and Authorities of Greek Online Casinos
All gambling activities in Greece are completely legal and regulated under the gambling act of 2011. More specifically, it’s under law 4002/2011, where all provisions and terms are explicitly listed on operating a casino in the country. As established earlier, this law is enforced by the Hellenic Gambling Commission, which also issues licenses to online casinos seeking to operate in the region.
Several foreign online casinos that have access to Greece may not have a license from the Hellenic Gambling Commission. However, you should look out for licenses from other reputable authorities, such as the Malta Gaming Authority or Curacao eGaming Authority. But you should note that if you play with these foreign operators without an HGC license, any violation or exploitation that occurs will not be taken by the Hellenic Gambling Commission.
Greek players who want to gamble in either a land-based or online casino must be at least 21 years of age. Anything lesser is violating the gambling laws and could result in a fine, ban, or other dire consequences as dictated by the law.
How Much Can You Deposit and Withdraw at Online Casinos in Greece?
According to the Hellenic Gambling Commission, the maximum bet you can make at a Greek online casino is €20. This was recently raised from the previous €2 limit. For jackpot games, the limit was also recently raised from €70,000 to €140,000. Withdrawals in a Greek online casino are limited to €10,000 on winnings with non-jackpot casino games.
You can make these deposits and withdrawals with an array of payment options, from cash at OPAP stores to e-wallets.
Greek Online Casino Licenses
The Hellenic Gambling Commission retails the right to issue and revoke licenses of online gambling platforms in Greece. Any online casino licensed by the commission is protected and regulated by the country’s laws under the gambling act. As much as the casino is protected with this license, so are you as a player in any of the licensed casinos. You’re protected from exploitation and violation as you engage in gambling.
If you want to apply for a license from the Hellenic Gambling Commission, you’re to pay a fee of €3 million. Then, this license will be valid only for five years, and your tax rate, at a minimum, will be €1 million.
What’s the Status Quo on Responsible Gambling In Greek Online Casinos?
Firstly, the gambling act ensures strict compliance of online casinos in Greece to accept players of 21 years or above only. This is done by mandating the use of an ID card in land-based or online casinos to verify your age and tax registration number, among other criteria. In addition to these, Greek online casinos are required to have tools that allow players to limit their gambling activities.
These include time limits, bet limits, and self-exclusion tools in the case of excesses. The casinos are also required to help players follow through with these restrictions at all times. In more measures to enforce responsible gambling, Greek online casinos are expected to provide helplines and services that help combat gambling addictions on their casino pages.
What are the Helplines for People with Gambling Addiction in Greece?
In any online casino in Greece, you’re typically provided with a helpline to an association that can help you fight your gambling addiction. There are several of these associations that you can turn to, from Gamblers Anonymous to Kathea. The latter is a recognised association in Greece that helps with curbing, prevention, and therapy for gambling problems.
How Are Winnings Taxed at Online Casinos in Greece?
If you’re a high-stakes player at online casinos, you might have a problem with the taxes declared in Greek online casinos. All players are mandated to show their winnings and pay at least a 15% tax on them.
For instance, if your wins are between €100 – €500, you’re mandated to pay a 15% tax on them. However, anything from €500.01 gets taxed 20%. Gamblers with less than €100 in winnings are subjected to no tax.
Keep in mind that these winnings must be declared within 30 days, or you attract sanctions For the casino operators, whatever revenue is generated from bets is taxed at 35%.
Bonuses at Greek Online Casinos
Although online gambling platforms in Greece are prohibited from advertising bonuses to unregistered users, you deserve to know what’s in stock for you. Fortunately, Greek online casinos have some of the best bonus features on the gambling market, from bonus funds to free spins. These packages are ground into categories, as explained in the following subheadings.
Welcome Bonuses
These are the most important of all the gaming bonuses you’ll encounter at Greek online casinos. They’re first-time bonuses used to attract players to register with an online casino. These bonuses typically come in the form of bonus funds, given after you make your first deposit. For instance, a casino can offer up to 100 – 150% deposit match on your first payment of up to €1000. You must also meet the minimum deposit required and input a bonus code in some cases to get it.
Asides from the bonus funds, most casinos attach free spins to the deposit bonus, which can go as high as 150 free spins. With how enticing these bonuses may seem, you must watch out for the terms and conditions attached. These especially include the wagering requirements, validity period, and games they apply to.
In special cases, a Greek online casino might offer you a no-deposit bonus where you’re not required to drop a wager before you play and win real money. The bonus prizes attached are usually much lower than when it’s with a deposit, but they come with lesser terms and conditions too.
Special Promotions
Online gambling is even more fun when the casino you’re playing offers bonuses on certain days, cashback, and jackpot bonuses. Fortunately, many Greek online casinos have a promotions page where you can partake in ongoing promotions that apply to a category of games on certain days. For instance, you can have a “Blackjack Monday” where you have bonus funds attached to the blackjack games you play on a Monday.
There could also be cashback rewards, where you get back a percentage of the losses made on a category of games. You’ll find many more of these promotions at online casinos in Greece.
VIP and Loyalty Programs
To retain customers, several online gambling platforms run loyalty schemes where you’re awarded points based on bets and the number of games you play. As you accumulate points, you unlock certain levels where you have extra gaming perks open to you compared to the average player. These can include birthday rewards, higher withdrawal limits, better game bonuses, and many more. You’ll find these schemes available at Greek online casinos.
What Are Wagering Requirements Attached to Bonuses in Greek Online Casinos?
When claiming bonuses on online casinos in Greece, wagering requirements are the most important condition to watch for. A wagering requirement is the number of times you must wager a bonus fund before you can cash it out. For example, if you’ve been awarded a bonus fund of €20 and a wagering requirement of 25x, you must wager €500 on selected games to cash out the bonus.
So, if you’re signing up with a casino for its enticing bonus, you should ensure that the wagering requirement is fair and beatable. Also, always check for the validity period required to beat these requirements.
Payment Options Available at Online Casinos in Greece
For your gaming deposits and withdrawals in Greece, you have an array of payment options to pick from. Each of these payment methods has its payment limits and processing times. They’re also selectively available at casinos, which means the payment options you encounter at one casino might not be available for another. However, the general payment methods you’ll find in Greece are discussed below.
Prepaid, Credit, and Debit Cards
This is probably the most common method you’ll find at any Greek online casino. Players can easily go to the cashier page of these casinos to make a deposit or withdrawal with their cards, including VISA, Mastercard, American Express, and Maestro, among others. Prepaid cards such as Paysafecard are not left out, and you’re guaranteed instant deposits with these cards. However, withdrawals take longer, going as much as seven days, depending on the amount and card issuer.
OPAP Stores and Cash
Some Greek online casinos have cash listed as one of their payment methods. However, how this is supposed to work depends entirely on the casino. Players can also make deposits and withdrawals through OPAP stores stationed everywhere in your locality.
E-Wallets
E-wallets are another popular means of payment in Greece for casino players. With e-wallet platforms such as Neteller, PayPal, and Skrill, your deposits and withdrawals are made easy. Players usually don’t need a bank account or statement for this payment option, and withdrawals are typically processed within a day.
Revolut and eBanking
Players can ask their bank to make an online transfer to an online casino of their choice that accepts the payment option. Some casinos alternatively use Revolut, which performs a similar function. However, deposits and withdrawals can take a while before processing goes through and payment reflects in your account.
Digital Wallets and Payment Systems
Greek online casinos also use payment platforms such as VivaWallet, IRIS, Rapid Transfer, TWIGA, and SmartPay. These platforms, like e-wallets, allow you to make deposits and withdrawals without disclosing your banking information. Deposits with these payment systems are processed instantly, but withdrawals can take a day or more.
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Long lines to make bets and play games