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Greek tax hikes causing concerns

Greek tax hikes causing concerns

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The introduction of new rises in gambling taxes in Greece is causing serious concerns amongst both local and international operators and providers.

As the government targets increased state revenues, said to be in the region of €73million annually, the industry seats over the possible impact of a hefty 35% tax on gambling revenue and the imposition of multi-million-euro license fees for those looking to enter the Greek market.

The Hellenic Gaming Commission will impose licensing fees of €3million for sports betting and €2million for offering casino games, and places viability in question for both international giants and the local Greek companies hoping to do business in this regulated and licensed environment.

In addition, the introduction of a 10% levy on player winnings, aimed at slowing down ‘recycling’, adds a further obstacle to progress, as it will inevitably alter player behaviours.

Whilst an allowance of certain tax deductions and a commitment to issuing permanent licenses point towards a potential for stability and growth, imposing prohibitive costs could leave the government’s revenue forecasts and any associated political promises in ruins.