Projected growth in Greece’s gambling market is estimated to outpace that of all other EU countries over the next five years, and iGaming operators are taking notice. The population's growing enthusiasm for diverse online gambling experiences further evidences room for substantial growth.
This guide offers in-depth insight into the legal framework for gambling in Greece, highlighting its benefits and challenges while providing a clear pathway to obtaining a gaming licence in 2024.
A Storied History of Gambling in Greece
The first recorded evidence of gambling dates back to ancient Greece, where games of chance and skill were prevalent in everyday life. Dice games, known as "astragaloi", were popular among both the rich and poor. These early gambling activities were often tied to religious rituals, reflecting their significant role in Greek society.
As Greece transitioned through the centuries, gambling continued to evolve. During the Roman era, the activity remained a popular pastime, albeit with increasing regulation. The Byzantine period between 350 and 1450 AD saw even tighter controls, with many forms of gambling banned due to their association with moral decay. However, this did little to curb the public's enthusiasm for games of chance. Gambling continued to be prevalent throughout the Ottoman period despite religious and legal prohibitions, where local bookmakers often discreetly managed betting on sporting events.
Fast-forward to the 20th century, when state lotteries and casinos established a new era of legal gambling in Greece. The Club Hotel Casino was the first legal gambling venue to open, established in Loutraki in 1928, setting a precedent for future developments. Public attitudes towards gambling in Greece have always been somewhat ambivalent. While many Greeks embrace gambling as a form of entertainment and a potential source of income, there has also been concern about its social impact, leading to stringent regulatory measures.
The legal landscape of gambling in Greece underwent a transformative shift in the late 20th and early 21st centuries. The enactment of Law 4002/2011 was pivotal, establishing a comprehensive framework for both retail and online gambling. This legislation aimed to regulate the industry, protect consumers, and curb illegal gambling activities. In recent years, the market has seen further liberalisation, with amendments facilitating the growth of online gaming platforms.
Timeline of Key Milestones in the History of Legalised Gambling in Greece
1928: Establishment of the Club Hotel Casino Loutraki.
1958: Introduction of the Greek National Lottery.
1994: The Foundation of state-controlled Hellenic Organisation of Football Prognostics (OPAP) framework for sports betting.
2002: Casino expansion across Greece -Rhodes and Thessaloniki, etc.
2011: Law 4002/2011 enacted to create a comprehensive regulatory framework for retail and online gambling.
2012: Issuance of temporary licences for online gambling operators.
2019: Introduction of new regulations to enforce legal framework.
2020: Permanent licences Issued to international online operators.
2023: Introduction of Innovative Gambling Solutions.
2024: Continued adaption and refinement of gambling regulations.
Present-day Situation for Gambling
Today, Greece stands as a significant player in the European betting market. The gambling environment is well-regulated and extensive, offering numerous legal outlets for the nation’s citizens. These include traditional casino games, sports betting, lotteries, poker, and other online gambling options. Greek players can enjoy these activities at licensed physical establishments or through approved online platforms.
Furthermore, the current market presents significant opportunities for local and international operators. Greece issues retail and online gambling licences and ensures operators adhere to strict regulatory standards. Local casinos, such as those in Athens and Thessaloniki, offer various gaming options, while international operators can still enter the market through online licences.
The Hellenic Gaming Commission (HGC), Greece’s primary regulatory body, oversees all gambling activities, compliance, and enforcement within the nation’s borders. Greece's continued introduction of regulations, innovative betting tools, and advanced sportsbook technologies reflects its commitment to maintaining a competitive and attractive gambling environment. This regulated framework provides a secure and healthy market for players and operators, balancing economic interests and social responsibilities.
Regulations and Compliance
Like in most other EU jurisdictions, operating within Greece's gambling and iGaming sectors requires operators to comply with a comprehensive set of rules and regulations.
Here is an overview of the key elements set and enforced by the Hellenic Gaming Commission.
Financial stability: Operators must demonstrate robust financial health, providing audited financial statements and proof of sufficient capital to sustain operations and protect player funds.
Demonstrate a clean legal record: Key personnel must submit criminal background checks to prove no history of involvement in illegal activities or previous violations of gaming laws.
Anti-money laundering measures: To prevent illicit financial activities, implement comprehensive anti-money laundering protocols, including customer verification processes and transaction monitoring.
Operational strategy planning: Operators must have a detailed business plan in place outlining operational strategies, including marketing, customer support, and compliance with Greek regulatory requirements.
Security protocols: Operators must employ advanced encryption technologies and cybersecurity measures to protect player data and financial transactions, adhering to GDPR standards.
Implement tools for responsible gambling: Operators must provide self-exclusion options, deposit limits, and other tools to support responsible gambling and protect vulnerable players.
Undertake regular independent audits: Regular audits by certified independent bodies are mandatory, ensuring the fairness and transparency of gaming operations and software throughout operations.
Compliance with gambling advertising regulations: Marketing materials must comply with regulations, avoid targeting minors and ensure all advertisements are truthful and non-deceptive.
Player protection protocols: Oversee the implementation of solid mechanisms to safeguard players, including dispute resolution processes and 24/7 customer support.
Meet fair play standards: Games must be certified for fairness, and random number generators (RNGs) must be regularly tested to prove unbiased outcomes.
Tax obligation compliance: Operators must adhere to tax obligations, which entails accurately reporting revenues and paying applicable taxes.
Data protection adherence: Strict adherence to data protection regulations is necessary to maintain the confidentiality and security of all personal and financial information collected from players.
Payment of licensing fees: To support legal operations within Greece, maintain the payment of all applicable licensing fees, including application and renewal fees.
Local representation: Establishing a local representative or office within Greece is essential to facilitate regulatory communication and compliance.
Regulatory reporting: Maintaining a valid gambling licence requires regular submission of detailed operational reports to the Hellenic Gaming Commission, including financial performance, player activity, and compliance updates.
Regulatory Gambling Bodies in Greece
In Greece, several institutions govern and enforce gambling laws. Here are the most influential that impact the day-to-day operations of iGaming operators within the country:
Hellenic Gaming Commission
The HGC is Greece's principal regulatory authority overseeing gambling activities. Its primary role is to regulate, supervise and license all gambling operations within the country while ensuring firm adherence to legal standards. The HGC monitors compliance, enforces gaming laws, and protects players through stringent oversight. It has the power to issue licences, revoke licences, conduct audits, and impose fines if necessary.
Hellenic FIU
The Hellenic Financial Intelligence Unit (FIU) focuses on anti-money laundering (AML) efforts in Greece. In effect, it oversees and enforces strict compliance measures to prevent financial crimes within the nation’s gambling sector. The FIU mandates that operators implement strong AML protocols, including thorough customer due diligence, transaction monitoring, and reporting of suspicious activities. These measures ultimately promote responsible gambling and mitigate risks associated with financial misconduct. The FIU’s stringent oversight contributes to a secure and trustworthy gambling environment in Greece.
The Hellenic Data Protection Authority (HDPA)
The HDPA ensures operations are compliant with data protection laws, including GDPR. It mandates that gambling operators implement Uncompromising data security measures to protect players' personal and financial information. These measures include reliable encryption, secure data storage, and strict access controls. By enforcing high standards, the HDPA ensures that operators remain responsible in handling sensitive data to inspire player trust. Moreover, it oversees the implementation of responsible gambling measures, requiring operators to provide tools for self-exclusion, deposit limits, and access to support services for problem gambling.
National Council for Radio and Television
The NCRTV regulates gambling advertising in Greece. Ultimately, it ensures that all gambling-related advertisements across broadcast media adhere to strict guidelines to protect vulnerable populations, including minors. By monitoring content, the NCRTV prevents misleading claims and ensures that promotions are responsible and truthful. Failure to comply with marketing guidelines can result in fines and restrictions, underscoring the importance of adhering to NCRTV directives.
Financial Obligations for Market Entry
Obtaining and maintaining an online gaming licence in Greece involves a significant financial investment. Licences come in two forms:
Type 1 Online Betting Licence: This licence allows operators to accept wagers on sports, fantasy sports, and virtual events using RNGs.
Type 2 Licence for Other Online Games: This covers live or RNG-based casino games and poker.
Application Fees
The online B2C gaming licence application fee, per Article 45 Paragraph 4 of Law 4002/2011 with Article 3, Ministerial Decision 79835/2020, is currently set at €10,000. This fee is non-refundable and must be paid upon application submission to the HGC. Payment is typically made online through the HGC’s secure payment portal, ensuring the application process proceeds without delay. Timely payment of this fee is necessary since processing begins only after the fees are confirmed as received.
Operating Licence Costs
The cost of maintaining an approved Greek gaming licence varies depending on the type of licence applied for. A Type 1 Online Betting Licence costs €3 million, while a Type 2 Licence for Other Online Games is priced at €2 million. Applicants can apply for one or both licences as long as they have a permanent residence or a registered establishment in Greece, another EU member state or in the European Economic Area (EEA). Furthermore, there are no annual renewal fees for these licences. Once granted, licences are valid for seven years, and licence renewals incur the same charges as the initial issuance.
To apply, operators must first submit their application through the Hellenic Gaming Commission’s Information System in accordance with Law 4002/2011. Once the online submission is complete, the applicant must then send a hard copy of the application, along with all required documentation, to the HGC headquarters in Athens.
Details on how to use the system, approval requirements, and other helpful information are downloadable from HGC's Document Library. HGC's expert staff can also answer clarification questions regarding the licensing process, the required information, and supporting documents by email or phone at their call centre (+30) 211 107 5000.
Taxation
Tax rates for licence holders are straightforward and transparent. For iGaming operators, the Greek government requests 35% of the profits from all gambling activities (GGR), with 20% (30% for horse racing) of that amount going towards social programs and charitable causes. Corporation tax is a straight 22% and must be applied before GGR taxes.
Other Financial Liabilities
In addition to licensing costs, fees, and taxation, iGaming operators face other liabilities for providing online gambling services in Greece. These include, but are not limited to, regular compliance audits, updating technical infrastructure, maintaining a physical presence in the country and associated staffing costs, responsible gambling initiatives and implementation, and general operational and marketing costs.
Future Prospects and Emerging Trends
Greece offers an exciting opportunity for iGaming operators, bolstered by a population of over 10 million with a strong and increasing enthusiasm for online gambling, which shows no signs of slowing down. This keen interest is reflected in the sector’s remarkable growth in recent years, with online gambling revenue expected to increase by 8% annually to reach €1.3 billion by 2025*.
The country’s 35% GGR and 22% corporate tax rates are sufficiently moderate compared with other EU jurisdictions. Furthermore, market entry conditions are also competitive despite the significant cost of licensing fees.
The local population’s passion for online betting is supported by a regulatory environment that promotes player interests through fair competition and innovation for players and operators alike. All in all, Greece presents a decent opportunity for iGaming operators to engage with a well-regulated, transparent and stable market.
Looking ahead, the country is poised for further expansion and technical advancements to meet the evolving demands of a population with diverse gambling interests. While unique challenges exist, such as high market entry barriers and competition levels from established entrants, the Greek market is far from saturated compared with other EU jurisdictions. Upcoming regulatory updates aim to streamline compliance processes further, making market entry and operations more straightforward and efficient for new entrants keen to differentiate themselves through innovative products and marketing strategies.
Source *Statista
Market Advantages
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A growing market with an expanding and highly engaged online player base.
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Sophisticated regulatory framework ensuring market stability.
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Long-standing cultural acceptance of gambling.
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Diverse player preferences in online gambling activities.
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High internet penetration and well-developed technical infrastructure.
Market Disadvantages
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High costs for obtaining and maintaining operational licences.
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Potential economic fluctuations affecting consumer spending.
Navigating the Greek Licence Application Process
Gaining entry into the Greek gambling market presents a lucrative opportunity, but it requires meticulous preparation and adherence to strict regulatory standards. To successfully acquire a gaming licence in Greece, operators must navigate a detailed application process and meet several fundamental requirements.
Application Preparation
Market research
Conduct thorough research on the Greek gambling market, understanding player preferences, competition, and the regulatory environment. This will help international operators to craft a tailored business strategy that aligns with local demands and compliance requirements.
Financial planning and requirements
Like other EU countries, Greece requires operators to provide an upfront security deposit to obtain a B2C gaming licence. This is commonly known as a letter of guarantee, which shall be equal to €500,000 and issued from a bank established and operating lawfully in Greece or another EU member state. This deposit acts as a financial guarantee, ensuring that the operator can cover liabilities and comply with all financial obligations. Furthermore, applications shall be made only by capital companies with a paid-up share capital of at least €200,000.
Operators must also pay licensing fees upfront. These fees cover the cost of the application process and the initial licensing period. Operators should prepare detailed financial statements and projections to budget for these costs to avoid financial strain during the application process.
Legal readiness and representation
Ensure your legal team is well-versed in Greek gambling laws. If the applicant is neither registered nor maintains a branch in Greece, appointing local representatives familiar with Law 4002/2011 and subsequent regulations is necessary. Either way, appointing local legal assistance ensures smooth navigation through the licensing process. These representatives can also liaise between the operator and the Hellenic Gaming Commission (HGC) to oversee compliance with all legal requirements.
Establishing a local presence
One of the primary requirements is setting up a physical office in Greece. This local office serves as a base for operations and facilitates effective communication with Greek regulatory authorities. It also demonstrates the operator's commitment to maintaining a legitimate and transparent business within the country. While Greece does not mandate specific shareholding percentages for Greek nationals, having local stakeholders can be advantageous. It demonstrates a deeper integration and local credibility.
Application steps
Here’s a step-by-step guide to help you navigate the application process:
Step 1. Understand the market: Begin by researching the Greek online gambling market. Assess player preferences, existing competition, and regulatory requirements. This insight will inform your business strategy and help you tailor your application to meet local demands.
Step 2. Prepare financial documentation: Gather detailed financial statements, including audited accounts and revenue projections.
Step 3. Establish a local presence: Set up a physical office in Greece. This regional presence is essential for regulatory compliance and effective communication with Greek authorities.
Step 4: Appoint local representatives knowledgeable about Greek gambling laws and regulations. They will act as intermediaries between your business and the HGC.
Step 5: Collate necessary documentation: Ensure all key personnel undergo thorough background checks. Submit clean criminal records and evidence of integrity for all stakeholders involved.
Step 6: Prepare documentation on technical infrastructure. This includes details on cybersecurity measures, payment processing systems, and gaming software. Compliance with GDPR is mandatory.
Step 7: Implement responsible gambling measures. Develop and implement tools for responsible gambling, such as self-exclusion programs, deposit limits, and access to support services for problem gambling.
Step 8: Submit the application: Complete the online application form and submit a hard copy to HGC, including all necessary documents, such as business plans, financial records, and proof of technical capabilities.
Step 9: Pay the required licensing fees. You can pay online via the HGC information system, where instructions will be provided. These fees cover the cost of the application process and the initial licensing period.
Step 10: Provide a security deposit. This deposit ensures you can cover liabilities and comply with all financial obligations.
Step 11: Await approval. On average, the HGC grants online licences within two months of submitting the application. Upon successful review, you will receive your gaming licence, allowing you to operate legally in the Greek market.
Step 12: Maintain compliance. To maintain your licence, undergo regular audits and submit required reports to the HGC. Ensure ongoing compliance with all regulatory standards.
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Disclaimer
This information is not intended to be legal advice and is solely extracted from open sources. It should not be relied upon as a substitute for professional legal advice, and Altenar does not accept any liability for its use.
