Regulated
Greece has a regulated gambling market and has recently rolled out a new, modernised licensing regime. Online gambling is generally permitted and regulated, where licensees are able to operate online casinos, poker games and offer betting services on sporting and other events. Regulatory authority over the Greek gambling industry is held by the Hellenic Gaming Commission (the HGC).

Whilst the new regime appears to still be in nascent stage, recently implemented regulations have a high degree of sophistication where compared to many other jurisdictions. Whilst Greece may present an attractive opportunity for some established international operators, (particularly given its moderate population size and fair appetite for gambling services), high fees and taxation as well as tight wager restrictions in respect of some games may temper enthusiasm.

There are currently 16 online operators holding licences for online betting (type 1) and 17 online operators holding licences for online games (other than betting – type 2). The licensing procedure is open and anyone meeting the legal requirements may apply for online licence type 1, type 2 or both.

Gambling (or “Games of Chance”) are defined in Greek law as “games whose results depend on chance, at least in part, and involve a financial risk from the player” via Article 25(b) of Law No. 4002/2011. Laws 4141/2013 and 4635/2019 amended Law No. 4002/2011, adding to the definition of Games of Chance the “Mixed Games”, i.e. the combination of skill and chance, and the Online Games of Chance. Gambling games are therefore differentiated from skill games where the outcome is deemed to be based in any way on an element of chance.

The full definition for skill games is provided in Article 25(a) of Law No. 4002/2011 as being “games whose outcome depends solely or primarily on the skills and mental abilities of the player and performed in public for recreational purposes, without allowing players to place a bet and without any form of financial benefit to the player.”

Greek law does not permit persons under 18 years of age to take part in gambling activities and under 21 years to take part in online gambling activities, deeming such individuals to be minors.

Market size
2020 saw a strong performance for the online gambling sector in Greece, with total GGR for relevant operators reaching EUR 562.773 million. This haul represents an increase of 28% where compared to the corresponding 2019 figure. Some report that online gambling is expected to reach EUR 1B in annual turnover by 2024.

Competitive landscape
Online gaming is the fastest growing sector in Greece, growing to 36% market share of all gambling in the country in 2021. The full list of operators is set out on the HGC website.

Localisation
Payment to participate and pay-outs must be made by credit institutions, payment institutions or electronic money institutions established in Greece or in any other member state of the EU or EEA. Payment by cryptocurrency is prohibited.

Top Key Attractions and Challenges
Attractions

• Fast growing market with relatively light touch compliance
• Greeks have one of the highest propensities for gambling in the world
• All forms of Casino and Betting are licensable

Challenges

• Relatively high taxes
• High minimum guarantee and capitalisation requirements
• Some wagering limits are in place