Online Betting and Virtual Games

Novibet undertakes to cover 100% of tax on its players’ winnings!

According to applicable law in Greece, from 12/7/2021, the following tax brackets apply to our players’ net winnings:

  • Net winnings per betting slip up to €100: 0% (tax free)
  • Net winnings per betting slip from €100.01 up to €200: 2.5% (on net winnings amount exceeding 100€)
  • Net winnings per betting slip from €200.01 up to €500: 5% (on net winnings amount exceeding 200€)
  • Net winnings per betting slip over €500.01: 7.5% (on net winnings amount exceeding 500€)

Examples:

Α) A €10 bet on a triple selection with odds at 10.00

Winnings = €100

Net winnings = 90€

No tax is withheld since the net winnings are less than €100.

Β) A €20 bet on a double selection with odds at 10.00

Winnings = €200

Net winnings = €180

The first €100 of the net winnings are tax free.

On the next €80, a 2.5% tax is withheld: €80 x 2.5/100 = €2.

So the player actually receives the amount of €180 - €2 = €178.

C) A €50 bet on a single selection with odds at 7.00

Winnings = €350

Net winnings = €300

The first €100 of the net winnings are tax free.

On the next €100, a 2.5% tax is withheld: €100 x 2.5/100 = €2.50

On the next €100, a 5% tax is withheld: €100 x 5/100 = €5.0.

So the player actually receives the amount of €300 - €7.5 = €292.5.

D) A €100 bet on a double selection with odds at 8.00

Winnings = €800

Net winnings = €700

The first €100 of the net winnings are tax free.

On the next €100, a 2.5% tax is withheld: €100 x 2.5/100 = €2.50.

On the next €300, a 5% tax is withheld: €300 x 5/100 = €15.

On the next €200, a 7.5% tax is withheld: €200 x 7.5/100 = €15.

So the player actually receives the amount of €700 - €32.5 = €667.5.

 

Taxation for Casino and Live Casino

For winnings resulting from betting activity on games played in gaming sessions, meaning Casino games, whose outcome is produced using a random number generator and/or Live Casino games, the following tax bracket is applicable:

  • Net winnings per session up to €100: 0% (tax free)
  • Net winnings per session from €100.01 up to €500: 15% (on net winnings amount exceeding 100€). This tax bracket will be covered by Novibet!
  • Net winnings per session over €500.01: 20% (on net winnings amount exceeding 500€).

A session is defined as the amount of time from the moment the player logs into the Novibet central information system (CIS), until they log out, with maximum limit of 24 hours.

Examples:

Α) Player has net winnings of 90€

No tax is withheld since the net winnings are less than €100.

Β) Player has net winnings of 400€

The first €100 of the net winnings are tax free.

On the next €300, a 15% tax is applied, which is covered by Novibet: €300 x 15/100 = €45.

So the player actually receives the winnings intact, hence €400.

C) Player has net winnings of 700€

The first €100 of the net winnings are tax free.

On the next 400 €, a 15% tax is applied, which is covered by Novibet: €400 x 15/100 = €60.

On the next €200, a 20% tax is withheld: €200 x 20/100 = €40.

So the player actually receives the amount of €700 - €40 = €660.