Greek gamers join the online gaming business due to its rapid expansion.
Greece may not have the largest population in Europe, but it is home to one of the most significant gaming sectors. Since it was formerly a monopoly, it is becoming more open and welcoming to new operators. A few weeks ago, the HGC awarded Spinomenal a manufacturer’s licence in the country. Consequently, the company can now interact lawfully with licenced gaming companies currently operating or aspiring to become so. Spinomenal has already begun operations in Romania and Malta, and in 2022, its Panda Bluemoon and SubTech brands will get UK market authorisation. According to reports, several other countries, including Spain, Colombia, Sweden, Netherlands and South Africa, have also validated it.
Greece iGaming Market Grows
Recently, the HGC also authorized Relax Gaming. The company produces famous slot games like Temple Tumble 2, Money Train 3 and Dream Drop, among others. These games are among the almost 4,000 in the collection. With its new iGaming supplier licence, Relax will now be able to provide the whole selection to Greece’s approved gambling businesses.
In nations where it was dominant, like the UK, Relax Gaming has shown its ability to be successful. In 2021, Relax tightened its connections with William Hill and Booming Games. This year, Relax will also work with AboutSlots to improve the content selection while providing some of the top slots available.
Getting Back to Basics
To combat organised crime, Greece outlawed all kinds of online gambling in 2002, but later economic troubles compelled it to reconsider. In 2011, Greece shifted direction and started providing temporary iGaming licences.
The operators went straight in, but they soon came to a grim realisation. OPAP, a government-run gaming and lottery company, controlled the industry and primarily eliminated competition.
After a year, many operators left. Greece’s failure to produce €60,000 (US$64,488) in tax revenue from 2013 to 2016 demonstrated the folly of relying on a monopoly.
In July 2021, after another legislative amendment, the HGC issued permanent licences to fifteen online gambling companies. The cost of online casino licences is two million euros (2.15 million dollars), a considerable sum. However, the sector continues to grow. By working with BetShop, Stakelogic joined the Greek Market by the end of 2023 the industry will have significantly matured.
Terms and Conditions
Licensed online betting firms must allow the EEOC to track their revenue and all transactions in real-time, depending on the status of the licences they have been granted. According to the gaming law, 24 businesses have been licenced to provide their platforms in Greece. In 2023, two more firms will join this consortium, bringing the total to four.
