The executives of the Ministry of Finance, the gambling companies and the competent Control Committee (EEEP) will sit at the negotiating table in the coming days in order to close the open fronts of the industry, the main of which is the taxation of the players’ profits. .
The discussions start after the storm of reactions, raised by the online gaming companies and the agents of OPAP, the intention of the Ministry of Finance to change again the profit tax on land and online games.
According to the Panhellenic Federation of OPAP Agents (POEPPP), the ministry promotes the doubling of the tax rates on the profits of players in the number games such as Joker, Proto, LOTTO etc that the agencies have (from 2.5%, 5% and 7.5%, to 5%, 10% and 15% respectively), as well as to increase the respective odds on players’ winnings from betting products (from 2.5%, 5% and 7.5%, to 3%, 6% and 9 % respectively).
This intention provoked the opposition of the agents, who note that such moves directly affect the revenues and viability of the 4,000 OPAP agencies and their approximately 20,000 employees. At the same time, as noted by the licensed online gaming companies, the additional taxation on online betting will have as a direct consequence the strengthening of the illegal market and the loss of income not only for the companies, but also for the Greek State.
Less revenue
This intention of the Ministry of Finance surprised the market, since only last July the new scale of taxation of players for the profits from the bet was implemented, going from the taxation per column, to the taxation per card, with rates of 2.5% for profits from 100 to 200 euros, 5% for profits from 201 to 500 euros and 7.5% for profits from 500 euros and above.
The problem is that the calculations were not correct and the changes did not bring the expected revenues for the Greek State, resulting in a gap not only in the state coffers but also in the subsidies of the country’s sports clubs. According to information, the initial proposal was to change the taxation of only the big profits, with the change only of the higher rate, but in the end the plan changed.
The Eurojackpot and the limits on the “slots”
The discussion on the taxation of winnings takes place in parallel with the promotion of a package of changes in the gambling industry, which has been prepared for a long time by the Gaming Supervision and Control Committee (GSC). The first change concerns the change of the restrictions in the online casinos and especially in the so-called “slots” with the most basic being the change of the maximum bet amount to 2 euros and the obligatory delay of 3 seconds before the start of a new game cycle.
This is a regulation that came into effect last August, provoking the reaction of the licensed online gaming companies, with the reasoning that the restrictions discourage a few players, who, however, gamble large amounts and push them into illegal online gambling.
EEEP has in its hands the study ordered by EY and according to information has proposed the increase of the limit to 15 euros and the change of the time delay, something which the ministry does not find contrary.
The other big change is the introduction in our country of the pan-European lottery “Eurojackpot” through the agencies of OPAP. , while they have received a strong blow in recent years due to the pandemic.
Read also:
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
