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The licenses will be issued for a period of 30 years according to the Hellenic Gaming Commission . Speaking about the project the Commission laid out a vision of a world-class integrated resort casino operation as an important part of the Hellinikon, a project destined to transform the wider area of Athens and improve the lives of millions of residents and visitors of our capital city, enhance the Greek tourism product and become a growth engine for the Greek economy. With some 8 billion of investment set to go into the urban development project, the Commission has projected that the construction phase alone will create 10,000 jobs with an additional 75,000 jobs being added once the project is completed giving Greeces struggling economy a well needed boost. Online gambling licenses also up for grabs Further spurring Greeces gambling market, the Commission also announced last week that it would be issuing new online gambling licenses. Coming in at 4 million for sportsbook only licenses and an additional 1 million if the sportsbooks wish to add online casino gambling sites, the licenses will be valid for five years, with renewal costing the same as the original licensing fee and are expected to add millions to the states nearly empty coffers. Greece issued transitional permits to 24 online casino operators back in 2011, with the regulator taking its time in unveiling its plans for actual licenses amid the countrys economic meltdown, the international bailout and struggling recovery. The new licenses will keep the existing tax rate of 35% on gross gambling revenue as well as tax winnings over 100 at 15% and over 500 at 20%.
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German uses online casino illegality to avoid paying VISA bill An enterprising online gambler in Germany has used the local illegality of online casinos to get out of paying his VISA bill. According to a report on German legal advisory platform Anwalt , the District Court of Munich recently dismissed a claim brought by Landesbank Berlin AG against a gambler who refused to pay the charges hed made with his VISA card playing with an unspecified internationally licensed online casino. Since the customer in this case didnt deny making the charges, under normal circumstances the bank would be well within its rights in launching legal action to compel the deadbeat to pay his tab. But the gambler argued that the bank had no right to collect due to online casino gambling being strictly verboten in Germany. According to Bundesgerichtshof (BGH, or Federal Court of Justice) case law, banks agree to fulfill the obligations of cardholders to merchants but have no special checking and control obligations due to the transaction fulfilling the cash-reserve function. But in this case, the court ruled that, since the transaction in question utilized the gambling-specific 7995 Merchant Category Code (MCC), the bank had an obligation to decline the transaction as an illegal activity. The court also noted that the bank applied specific fees for processing lottery, betting and casino sales, meaning they couldnt play ignorant of their law-breaking ways. German banks have come under closer scrutiny in recent years over their dealings with unauthorized gambling sites. Last November, the release of the so-called Paradise Papers revealed that a number of the countrys major financial institutions were getting fat off facilitating transactions with international gambling operators .
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