£2 Cap On Online Casino Wagers Lifted In Greece

These new rules were recently announced by the Hellas government gazette and will take effect as of May 2022. Casinos will apply the new rules to RNG casino games and online poker. They are part of the Greek government’s year-1 review of the gambling regime that is meant to ease how casinos do business. In the same breath, the government also increased the jackpot win cap from the current £70,000 to £140,000.

In addition, the government papers also announced a new technical update that requires licenced casino operators to reduce the spin times from three seconds to two per round. Besides, the government offered an extended compliance window for casino operators to join its centralised monitoring system. Operators now have up to December 2022 to join in.

The Hellenic Gaming Commission (HGC), the licencing body in the country, released a statement in support of the increase in wager limits and jackpot values. According to its president, Dimitris Ntzanatos, the move by the Finance Ministry is welcome and is in line with the recommendations that the body made in its recent audit of the sector.

The Greek gambling watchdog has given about 15 domestic and foreign gambling businesses licences to operate. These entitles will welcome the changes. The rules on wagering were put in place in 2011. Therefore, these platforms have been observing them for an entire decade. Prior to that, Greece did not have strict gambling regulations, but the European Court of Justice forced it to change them.

These rules have seriously handicapped the higher rollers’ ability to play high-stakes games at their favourite Greek-licensed casinos. Besides, they have capped jackpots at really low amounts. At least now, players can wager substantial amounts and expect to win a good amount when they try jackpot games on the platform. Apart from wagering requirements, the Hellenic Gaming Commission is not overly tough on its operators.

Other renowned gambling watchdogs in Europe include the UK Gambling Commission and Malta Gaming Authority. Both are known for their strict rules and a grip on the operators that use their gambling licenses. However, they have more relaxed rules concerning the wager sizes.

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Jacob Evans Written by Jacob Evans