Unexpectedly, the Gaming Supervision and Control Committee (GSC) will meet today to decide on the package of changes in the institutional framework of online casinos that it will propose to the Minister of Finance based on the study prepared by EY.
There are reportedly three key changes on the table. The first and foremost for online casino companies is the increase of the 2 euro limit per bet on “slot” type games, which according to market executives discourages a small part of the players who play large amounts.
The second change concerns the mandatory 3-second delay between game rounds which is also estimated to discourage the most fanatical players. According to market executives, these two restrictions push players to companies not licensed in Greece that, of course, are not bound by all the above regulations. Thirdly, there are going to be changes in the rules for jackpots in the online “slots”.
The EY study and the scenarios
According to information, the changes in the limits are not opposed by either the EEEP or the Ministry of Finance. The question is how much the boundaries will change. And for this reason an EY study is utilized which on the one hand captures what is happening in other European countries, many of which have no limit and on the other hand has scenarios for the recovery rate of potentially lost profits depending on the increase of the limits.
The prevailing scenario, according to market information, is for the betting limit to be increased possibly over 20 euros, the time delay per game cycle to be reduced from 3 to 2 seconds and the maximum jackpot amounts to be more than doubled.
It is worth noting that the initial restrictions came with the new gambling regulation that came into force last July under the law on permanent licenses of online betting and gambling companies. Gambling market circles talk about losses of 300 million euros from the annual turnover of all companies, which means a loss of 100 million euros for the Greek State.
The main objections concern that the specific limits were set to protect against gambling addiction. Smaller bets and the mandatory waiting period between them are estimated to discourage many players from playing huge amounts in a short period of time, thus reducing the risk of financial disaster.
Circles of companies believe that the proposed abolition or amendment of these provisions, by no means means that it would lead us to an unsafe gaming environment, which is already ensured in various ways in the market, as licensed companies apply international and European standards. and comply with the measures for Responsible Gambling, Anti-Money Laundering (AML) and Thorough Control of Players (Know Your Customer).
In the meantime, by the end of the month, the final data of the EEEP for the gambling market in 2021 are expected. ) of companies legally operating in Greece, in the whole year are estimated at 718 million euros, increased by about 22% compared to 2020 which had reached 588 million euros. Respectively, the total turnover of the internet companies is estimated at around 14 billion euros.
Source: Capital
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