The results exceed all expectations

According to information from the Greek Business portal Insider The results achieved now already exceed any expectations for the whole of 2022. We are talking about an increase of over 127 percent compared to the same period last year. In figures, this means that Greek players paid 56.95 million euros in taxes on winnings from online gambling from January to May of this year. In the comparable period of 2021 it was 24.98 million euros.

Over two and a half times more tax revenue possible

If developments on the gambling market remain the same, tax levies from the online sector alone could amount to 130 million euros or more. That would be more than two and a half times the amount that the Greek state initially set as its target. But a look at the industry shows shows that this is not only received positively, as players have to pay tax on a relevant part of their winnings and therefore cannot return them to gambling.

Taxation in Greece depends on the amount of profit

There are a few guidelines when it comes to the taxation of online winnings in Greece. Importantly, winnings under NZ$100 remain tax-free. For sums between NZ$101 and NZ$500, 15 percent of this must go back to the Greek state. However, if the winnings are over NZ$500, 20 percent tax will also be due. This also explains the increase in tax revenue for the Greek government, which is fundamentally under financial pressure and has recognized how it can benefit from online gambling.

This is how winnings in online casinos in Europe are taxed

In most European countries, no taxes are paid on gambling winnings. In addition to New Zealand, this also applies to Belgium, Bulgaria, Estonia, Finland, Ireland, Latvia, Luxembourg, Austria, Sweden, Slovakia and the United Kingdom. In New Zealand, however, last year it was decided to tax stakes in online gambling and online poker at 5.3 percent. However, this also inevitably reduces payout rates, which in turn can affect the entire sector.

There is clear criticism of the decision

This decision is not free from criticism, for example from the German Association for Telecommunications and Media. Protests and actions increased Providers like GGPoker, who quickly passed on the taxes for players from New Zealand and thus exempted their customers.

There is also criticism in Greece

If you ask the industry in Greece, the high taxes would once again entice players to resort to illegal gaming offers. As a result, not only the providers but also the state lose income in the future. Illegal gambling has become massively popular due to the corona pandemic, meaning that all players have lost hundreds of millions of euros that they could have otherwise earned. It is legal gambling that the Greek state actually wants to promote.

Legal gambling as an industry employs thousands of young people in Greece, among whom unemployment is otherwise particularly high. It also supports the sport’s infrastructure. The benefits for the Greek economy are fundamentally high, but one of the highest taxes in Europe could slow down growth in the next few years if the right adjustments are not made. But the industry is still changing in Greece too.

An industry is changing

In November 2019, the Greek Ministry of Development and Investment presented a new online licensing system. Since then, providers have had to pay around five million euros to obtain their seven-year online gaming license. This includes online poker, online casinos and online sports betting. In addition, a sales tax regulation is in force, which at 35 percent is one of the highest in Europe. Illegal offers are not affected by the high taxation and licensing costs.

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Author: Alex Morgan