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Greece Agrees to Increase the Maximum Stake Amount for Online Gambling

Greece, through the Ministry of Finance, has agreed to raise its maximum wager limit for games of chance from the current €2 to €20. However, it also reduced the minimum speeds at which slots spin while raising the cap on winnings.

Ministry of Finance Eases Regulations 

Changed beckon for the Greek gambling market. The Ministry of Finance decided to ease some of the regulations. This was after a Year-1 review of the Greek gambling market that was recently relaunched. 

One of the biggest changes is the increase of the stake cap which was originally set at €2. Poker players and online bettors could only bet a maximum of €2. After the changes, the cap is now set to go up to a maximum of €20. While it’s a welcome change, online high-rollers are yet to get to feel the changes. The new cap applies to online casino games including slots, table games, and poker. 

The government also eased more restrictions around jackpots. Slots and other casino games can now set their maximum jackpot amounts at a maximum of €140,000. This is twice the initial maximum amount set at €70,000. Finally, slot game operators will be allowed to reduce the time for each spin from the initial three to two seconds. These changes started came into effect in May 2022 and they apply to online gambling. 

Greece Agrees to Increase the Maximum Stake Amount for Online Gambling

Joy for the Greek Gambling Market

The decision by the Ministry of Finance is music to the entire Greek Gambling market. Interested parties are all upbeat about the new changes as they reckon it will expand the industry. The biggest winners of these changes are the Greek license holders, which are 15 in total. 

The country’s gambling watchdog was also happy about the changes to the regulations. The Hellenic Gaming Commission president commented on the matter. Dimitris Ntzanatos said it was the right direction and that raising the betting limit would benefit the entire market. 

Still, within the regulations, the Greek gambling regulator extended the deadline set for operators to register with the Greek centralized monitoring system. The new deadline is now set for December 2022. 

Greece Proceeding with Caution

Gambling has been a rather thorny road for Greece, and it’s proceeding with caution. It’s this caution that has led the regulator and the government to carefully weigh their options when introducing these new changes. 

In February 2022, the HGC launched an anonymous tip line that gives individuals a chance to report illegal iGaming sites and advertisements. Greece, like other regulated gambling markets, understands the lurking danger presented by the black market. The new tip line aims at preventing these dangers from hitting the Greek gambling market. 

On its end, the HGC is open to issuing licenses to reputable brands. PokerStars is one such brand. It received approval from the regulator to launch its brands in Greece. Some of these brands include PokerStars Casino, PokerStars card room, and PokerStars Sports. 

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Nerijus Grenda
Nerijus GrendaUpdated: 10 Jun 2022
Nerijus is one of our top writers here at GoodLuckMate, and he knows exactly what casino players want to read about. He got started in the iGaming industry as a player, more specif...

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