Greek Laws on Gambling

Greece is one of the most appealing tourist resorts in Europe and even the world. Millions of tourists visit it, and naturally, some of them prefer to play for money. If you are trying your fortune at an a luxurious resort or researching a new casino experience 770, you ought to familiarize yourself with local law. We recommend learning the laws of playing in Greece before starting playing.

Overall, Greece has tightly controlled gambling laws in the perspective of the casino house, similar to most of the rest of the continent. Find out more information about the past and legality of gambling within Greece by continuing reading.

History of Gambling in Greece

It's probable that it won't be surprising to learn that Greece has a long history of gambling dating centuries back. It's enough just to remember Homer's Iliad and the wager between goddesses that triggered an entire war. Of course, literature isn't the sole source describing the interesting history of gambling in Greece.

The Greeks likely invented heads or tails, which were initially played with seashells and later coins. Par Impar Ludere was another game widely enjoyed by the ancient Greeks. In this game, a player placed objects in each hand and others bet on the oddness or evenness of the count.

They are also claimed to have placed bets on the outcomes of sporting events at the Olympic Games, so they are likely to be the inventors of sports betting. Even others claim that poker was created in Greece and not China — a credible assumption.

Gambling also existed in the Byzantine Empire, especially on chariot racing. Gambling still exists among most Greeks today. The most well-liked is sports betting (most times on football), meaning that some things might have evolved, but others remain the same.

Despite Greece's rational gambling regulations, the country has very few land casinos. There are about a dozen that are found in or around large mainland towns, along with a few on larger islands like Corfu and Mykonos so that visitors have access to them as well.

Gambling Laws in Greece

And now, let's speak about the specific law that governs gambling activity in Greece. The most important law in Greece regulating casino locations established the legal environment for gaming companies in the country.

The law has been amended a number of times since its passage. Such amendments defined gambling as such, who is allowed to carry out and engage in it, who controls the activity, and how it is taxed.

Now, let's discuss taxation. The law introduced taxation on individual players and gambling operators. The winnings are taxed progressively — the higher the win, the higher you pay.

Small amounts of wins are exempted from taxation, mid-level amounts are taxed 15%, while the larger wins are taxed at 20%. The tax automatically comes off, deducted by the operator. On the contrary, the operators receive a fixed tax rate of 35%, and though high compared to other locales such as New York, is still lower compared to there.

Who is allowed to gamble in Greece? This is where Greek gambling legislation varies a great deal from most other European nations. The age at which one can gamble in Greece is 23, five years more than the typical age of 18 found throughout the rest of Europe. Young visitors should take note.

New law amendments also brought the market more competition. Prior laws de facto ensured a state monopoly on gambling by an entity called OPAP (Greek Organisation of Football Prognostics SA). With new regulation, OPAP was deregulated and later privatized entirely.

However, OPAP had its monopoly until recently when the government finally opened up other operators to apply for gambling licenses. Nowadays, there are several new operators in the Greek market. However, OPAP retains exclusive rights to lottery and betting operations until a future date set.

Online Gambling in Greece

As other countries shifted to legalize online gambling to bolster their economies, Greece briefly banned it outright. This was instituted to combat organized crime, though it also had unintended consequences.

Following a bad financial crisis, Greece was open to legalizing internet gambling. It allowed online gambling operators to operate, although shortly thereafter, it asked them to close in favor of the OPAP monopoly, where the government had a majority stake.

This move proved to be a poor decision and hurt state income because gambling taxes brought limited revenue. Greece later returned to its strict policy of internet gambling and opened the market back to overseas operators.

The top online casinos in Greece today offer a range of legal types of internet gambling, including lotteries, slot machines, card games, roulette, and more.

Gambling Regulators in Greece

The sole gambling regulator in Greece is the Hellenic Gaming Commission. It oversees all forms of gambling in Greece, including sports betting, land casinos, and internet gambling. Its primary responsibility is compliance with Greek gambling laws.

It also ensures the integrity of gambling products and tests gaming machines. The commission also issues licenses to gambling operators and imposes taxes on operators and consumers of gambling winnings.