EEEP: Radical changes in the gaming market

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Radical changes in the gaming market

The shift to online games and the pandemic turned the tables. The Gaming Control Commission is planning major changes. The aim is the viability of legal providers and the safeguarding of public revenues.

To change outdated settings that lead to distortions the gaming market is planned by the Gaming Supervision and Control Committee, in order to provide solutions to the loss of revenue of the Greek public from the reduced gaming activity in natural casino.

In this context, the Commission, in order to strengthen the supervision and control of the market, has planned a series of interventions that it is launching for the next period, while in the same context it started a dialogue with the owners of physical casinos, in order to improve their operating conditions, which most are considered anachronistic due to significant changes in the gaming market.


In fact, the EEEP gave a new deadline to the owners of the casinos to submit their positions as it was initially set by the president of the Authority D. Janato today's date (September 15). The new date they will be invited to submit their proposals is the 15th of October.

The proposals that will be submitted will be examined by the Authority in collaboration with legal and if required with a financial advisor, in order to submit to the competent bodies its proposals for improving the regulatory framework.

In fact, the Commission already:
  • He suggested to the finance minister its improvement regulatory framework regarding the levels of compliance with the calculation of the "minimum cash reserve", a regulation which due to the general decline of the market had become completely anachronistic.
  • He called for an improvement in the flexibility possibilities of the casinos regarding the opening hours of the individual sectors of the games that these companies conduct (table games or slots).

The interventions that are coming

Some interventions are considered one way in order to start the licensing of casinos with the new EKAZ licenses, a process which has been delayed due to the problematic casinos. They include:
  • Development of a new platform - application for the quick management of complaints. The aim is to evaluate the complaints made to the Commission as quickly as possible and to send a response to the complainant. At the moment, the complaints that reach the Authority are handled by the few remaining employees. However, due to the understaffing of the EEEP, delays are observed and for this reason a new special department will be created that will receive and evaluate in real time the complaints that arrive.
  • Establishment of a 24-hour service for the supervision and support of benefits both online games and physical casinos. The new service will be staffed with staff from both the service and new employees.
  • Completion of the tender for the advanced system that will monitor all online game providers which have been licensed by the EEEP. By the end of the year, the committee is expected to have completed the relevant tender it has announced, so that the new system can be installed and offer an online connection to all the data of the electronic providers.
  • Changes in legislation for the 10 casinos operating in the country. Through proposals and dialogue, a new Regulatory Framework will be formed while at the same time research is being done on the European market, in order to make all the changes required based on the new data.
  • Concerning the online games, the EEEP will examine the way it taxes online game players in order to find a fairer solution, so that neither the public loses significant revenue nor players, due to increased taxation, turn to illegal gambling.
  • Commissioning of a study in order to identify a possible benefit from expansion of gambling in areas of tourist interest. The preparation of the study has been assigned to a special consultant, Pricewaterhouse, and its start is expected within September. In particular, Pricewaterhouse will prepare a special report on the viability of mini casinos in large tourist and hotel units that attract a large number of tourists, who do not have easy access to licensed casinos.
SOURCE: euro2day - Maria Moschou
 
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TsiTsi

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PwC. Yes, yes. Now we're tied. I wish they would go that far in these changes. Better late than never.
 
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BetLaden

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Of the interventions, I think the ones that are of interest to the players are the one with the complaint platform and the taxation of players. Let's see...
 
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TsiTsi

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Of the interventions, I think the ones that are of interest to the players are the one with the complaint platform and the taxation of players. Let's see...
Correct. The extra comment about PwC was for another reason. I couldn't hold myself back well enough for her that I won't go into the process of analyzing this particular strand.

Amen high.
 
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BetLaden

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The possibility of reducing the tax on online casinos is open

An initiative to reduce the tax that online gambling players are required to pay, in order to make it more fair, has been undertaken by the Gaming Supervision and Control Committee (EEEP), the competent regulatory authority for the responsible and proper operation of the gaming market in the country .

With the existing legal framework online casino players are required to pay a significant percentage of their winnings in the form of tax. This, of course, often works counterproductively, reducing the turnover of providers and ultimately government revenues. The government collects significant sums from gambling taxation, both land-based casinos and online casinos as well as OPAP agencies which literally go into a frenzy every time there is a big Joker jackpot. Every time a player wins money they are asked to pay a corresponding amount of tax, which ends up in the coffers of the state.

Data on the taxation of online gambling profits in the first half of 2022 are characteristic. Online gambling players paid a tax of 68 million euros, when in the corresponding period in 2021 the money that had ended up in state coffers from online gambling they amounted to just 29,8 million. After all, online gambling has seen a significant increase in the last two years, and it is only natural that you too are looking for a reliable place to play online casino, enjoying modern games with high quality graphics and effects. However, according to the data available to the Ministry of Finance, there does not seem to have been a significant increase in the turnover of online casinos. Conversely, in the first half of 2022, gross profits for online gaming companies fell from 401,1 million to 333,2 million.

Possible restructuring

This is exactly why the EEEP has launched a consultation as well as a series of initiatives in order to find a golden ratio and make the appropriate interventions to shape a new system of taxation of online gambling profits. The aim is on the one hand not to reduce the money that ends up in the state coffers from the taxation of winnings and on the other hand to implement a fairer tax system, which will incentivize players to stay at online casinos that operate legally and not they resort to illegal gambling.

As experienced EEEP officials estimate, gamblers are currently expressing a strong feeling of uneasiness regarding the amounts they are asked to pay every time they win at an online casino. This feeling of injustice pushes many to abandon the legal ones and turn to the illegal casinos. However, the state also loses revenue, but the viability of legal online casinos is also shaken.

The problem seems to be mainly in online gambling that is conducted with random number generator (RNG) and VLT type gaming machines, where the way of tax is considered by many to be unfair. The EEEP is expected in the near future to complete its consultations and the study of its special officers and propose a new withholding tax regime for online gambling profits, which if adopted is expected to completely change the image of the market.

SOURCE: thenewspaper
 

BetLaden

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PwC. Yes, yes. Now we're tied. I wish they would go that far in these changes. Better late than never.

Η PwC report expected by the Commission will include:
  • The international experience, i.e. in which countries the measure has been applied and what results it had
  • The control of the areas of the Greek territory that show particularly increased tourist traffic and could welcome such places
  • The sustainability of these ventures and how profitable this would be both for the casinos and for the hoteliers.
 
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