Are you wondering about the
legality of online slots in Greece? There are several different issues surrounding this subject. One is the monopoly that the OPAP has over the national gambling industry. Another is the possibility of land-based casinos opening in the country.
Legality of online slots in Greece
Online gambling in Greece was illegal in 2002, but the country finally opened its doors in 2012. OPAP, a state-run company, already held a monopoly on land-based gambling in the country. It has a strong presence in the Cyprus gaming sector, and its monopoly will last until at least 2030.
A lot of changes are sweeping through the Greek gambling market. The government is now working on a new set of regulations that will open the doors to foreign operators. Some of the most significant changes include lowering the cap on slots jackpots and increasing the maximum amount that can be won by players in online RNG games.
Interestingly, the legality of online gambling in Greece is not as simple as it may seem. First of all, the country's gambling industry is subject to a high tax. Operators pay an average of 35 percent of their gross revenues.
In addition to that, the law prohibits advertising slots. For this reason, operators are unable to advertise on Facebook and other social networks, or place marketing communications on websites targeted at minors.
The law also requires that licensees have their headquarters in Greece. Licensed operators can't sublicense, assign rights, or dispose of them.
The legality of online gambling in Greece is still being analyzed. However, the government seems to be moving forward cautiously.
Land-based casinos coming up in Greece
A casino is an establishment where people can enjoy gambling. Gambling has been a part of life in Greece since ancient times. Today, many countries regulate online gambling to boost the economy and prevent gambling addiction.
In 1994, the Greek government legalized land-based gambling. It authorized nine gambling licenses and permitted slot machines and table games. However, the rules governing these ventures were not well defined.
The state-run operator, OPAP, had a monopoly over land-based casinos and sports betting. When the temporary licenses expired, some foreign operators decided to exit the market.
Nevertheless, the land-based casino industry is still a big draw for millions of tourists each year. Most casinos in Greece have a dress code. They offer dining packages and luxury amenities.
Some casinos in Greece even offer video poker machines and slot machines. Those who are lucky enough to win the jackpot can get a cha-ching!
A new law is expected to open up the online gambling market to foreign operators. The
Hellenic Gaming Commission (HGC) will monitor the market and perform audits.
There are eight land-based casinos in Greece. Each offers different table games and slot machines.
Although a casino isn't necessarily the most popular tourist destination in Greece, it still draws millions of visitors each year. These casinos can cater to a range of budgets and provide a unique experience.
OPAP's monopoly of the national gambling industry
OPAP's monopoly of the national gambling industry has remained in place for more than a decade. But its legality has been in question recently.
The company holds the exclusive right to offer sports betting and horse racing in Greece until 2020, and has a licence to operate VLTs and other gaming machines until 2022. In addition, OPAP holds the exclusive concession to operate retail games until 2030.
However, its online offering is highly competitive. Aside from competition from foreign operators, OPAP's online business is also vulnerable to macroeconomic and political changes. Moreover, the emergence of scratch cards and other new games means that the company's business model is not as stable as it once was.
Despite the risks posed by a decline in mature gaming products, OPAP is working to expand its online presence. It recently acquired the online business of Stoiximan, which operates in Cyprus. This acquisition helped OPAP gain a strong foothold in the online gaming market.
OPAP's monopoly was first challenged in 2007, when the European Commission initiated infringement proceedings. Last year, the EU's highest court ruled that OPAP's monopoly was illegal.
OPAP fought back, arguing that its monopoly was a necessary step to fight illegal gambling and other illegal activities in the gambling sector. Ultimately, however, the court agreed and ruled that OPAP's aces were not enough. Consequently, the Greek state agreed to sell a 33% stake in OPAP to companies with international experience
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