Greece Market Report
Te law 4002/2011 permitted online
gambling but in 2021 the HGC tightened the rules. Limits were introduced which included a maximum of €2 bet on slots
and €70,000 in winnings per day whilst a licensing procedure was also introduced. Many operators left the
market at this point. By the end of 2024 there were 18 B2C online gambling
operators (not including OPAP) licensed for online gambling of which 15 have a Type 1 and Type 2 licence whilst three have only a type 2 licence
ONLINE SECTOR
Te remote gambling sector is the fastest growing sector in Greece. Up until 2021 the online sector was fairly chaotic and licences were issued on a temporary basis. Turnover has grown from €17.4bn in 2021 to €27bn in 2023 whilst the GGR in 2024 amounted to €1.06bn – an increase of 23 per cent compared to 2023. Fixed Odds Betting accounts for 44 per cent of GGR (€470m) compared to 56 per cent (€596m) for other online games (slots, poker, live casino). Te law 4002/2011 permitted online gambling but in 2021 the HGC tightened the rules. Limits were introduced which included a maximum of €2 bet on slots and €70,000 in winnings per day whilst a licensing procedure was also introduced. Many operators left the market at this point. By the end of 2024 there were 18 B2C online gambling operators (not including OPAP) licensed for online gambling of which 15 have a Type 1 and Type 2 licence whilst three have only a type 2 licence (Exoplay, Infinity and N1 Greece). Te online op-
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erators include: BetMed, Plumo, Lucky Stream, Sporting Odds, Bwin, Vistabet, Interwetten, Level Up, Netbet, Diamond Link etc. In addition, there are more than 140 B2B online
content providers with licences. Affiliate marketing has also been regulated for the first time and there are 141 affiliate companies operating in Greece at the moment. Online gambling licences come in two forms: Type 1 Online Betting Licence – this is for op-
erators to accept wagers on sports, fantasy sports and virtual events using RNGs. Type 2 Other Online Games – this covers live
or RNG based casino games and poker. An online B2C gaming licence application fee
is set at €10,000 whilst operating licence costs are €3m for a Type 1 and €2m for a Type 2 and are valid for seven-year period. Applicants can apply for one or both licences
so long as they have permanent resident or reg- istered establishment in Greece or an EU member state or in the EEA. Tey must have a paid-up capital of at least €200,000 and a letter of guar- antee from a bank equal to €500,000.
All online gambling activities pay 35 per cent
on profits from all GGR – 20 per cent of this goes to charitable causes and social programmes. Players are subject to tax on winnings for online
games ranging from 15 per cent on net profit be- tween €100 and €500 and 20 per cent for anything over €500 for online games of chance. For online betting the tax is 2.5 per cent for €100-€200; five per cent €200-€500 and 7.5 per cent for anything above €500. Seven out of 10 Greeks prefer gambling online.
Over the next five years Greece’s online gambling market is expected to grow by 8.5 per cent – twice as much compared to other countries. Te HGC regulates the sector with a blacklist
of unlicensed providers which was set up in 2013 and to date has almost 9,600 websites on the list (end 2024) up from 6,915 in 2023. Te illegal market is valued at €1.67bn. Tere is a big concern in Greece concerning
the number of minors gambling online. Te law requires players to be aged 21 or over although it is estimated 10 per cent of those accessing illegal gambling sites are underage. Advertising restrictions
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