Projected growth in Greece’s gambling market is expected 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 supports 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 license 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 evolved through the centuries, gambling continued to develop. During the Roman era, the activity remained a popular pastime, although regulation increased. 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, public enthusiasm for games of chance persisted. Gambling remained widespread during the Ottoman period despite religious and legal prohibitions, often managed discreetly by local bookmakers for sports betting.
Fast-forward to the 20th century, when state lotteries and casinos ushered in a new era of legal gambling in Greece. The Club Hotel Casino was the first licensed gambling venue, opened in Loutraki in 1928, setting a precedent for future development. Public attitudes toward gambling in Greece have always been somewhat mixed. While many Greeks embrace gambling as entertainment or income, concerns over its social effects have driven strict regulatory controls.
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, creating a comprehensive framework for both retail and online gambling. This legislation aimed to regulate the market, protect consumers, and combat illegal gambling. In recent years, the market has seen further liberalization, with amendments encouraging the growth of online gaming platforms.
Timeline of Key Milestones in the History of Legalized Gambling in Greece
1928: Establishment of the Club Hotel Casino Loutraki.
1958: Introduction of the Greek National Lottery.
1994: Foundation of the state-controlled Hellenic Organization of Football Prognostics (OPAP) for sports betting.
2002: Expansion of casinos across Greece—Rhodes, Thessaloniki, and others.
2011: Law 4002/2011 enacted to create a comprehensive regulatory framework for retail and online gambling.
2012: Issuance of temporary licenses for online gambling operators.
2019: Introduction of new regulations to enforce the legal framework.
2020: Permanent licenses issued to international online operators.
2023: Rollout of innovative gambling technologies.
2024: Continued adaptation and refinement of gambling regulations.
Present-Day Situation for Gambling
Today, Greece stands as a significant player in the European betting market. Its gambling environment is well-regulated and expansive, offering numerous legal avenues for citizens. These include traditional casino games, sports betting, lotteries, poker, and other online gambling options. Greek players can participate through licensed physical venues or authorized online platforms.
Moreover, the current market presents meaningful opportunities for both local and international operators. Greece issues both retail and online gambling licenses and holds operators to strict regulatory standards. Land-based casinos—such as those in Athens and Thessaloniki—offer a variety of gaming options, while international companies can enter via online licensing pathways.
The Hellenic Gaming Commission (HGC), Greece’s primary regulatory body, oversees all gambling activity, enforcement, and compliance within national borders. Greece’s push for regulation, modern betting tools, and sportsbook technology reflects its commitment to maintaining a competitive and attractive gambling environment. The current framework balances economic benefits with social responsibility, creating a secure and trustworthy market.
Regulations and Compliance
As in most EU jurisdictions, operating within Greece’s gambling and iGaming sectors requires full compliance with a detailed set of regulatory standards.
Here is an overview of the key elements enforced by the Hellenic Gaming Commission:
Financial stability: Operators must demonstrate strong financial health through audited financial statements and proof of sufficient capital to protect player funds and sustain operations.
Clean legal record: All key personnel must provide background checks showing no history of illegal activity or previous gambling law violations.
Anti-money laundering measures: Operators must establish robust AML policies, including customer identity verification and real-time transaction monitoring.
Operational strategy planning: A comprehensive business plan is required, detailing operational objectives, marketing strategy, customer support, and regulatory compliance mechanisms.
Security protocols: Operators must implement advanced cybersecurity solutions, including encryption, in line with GDPR requirements to protect player data and transactions.
Responsible gambling tools: Operators are obligated to provide self-exclusion options, deposit limits, and similar features to encourage safe play and protect vulnerable users.
Independent audits: Regular audits by certified independent firms are mandatory to verify fairness and transparency in games and backend operations.
Advertising compliance: All marketing must meet regulatory standards, avoid targeting minors, and be clear, non-deceptive, and factual.
Player protection protocols: Operators must maintain systems for dispute resolution and offer 24/7 customer support to ensure player safety and satisfaction.
Meet fair play standards: Games must be certified for fairness, and random number generators (RNGs) must be regularly tested to ensure unbiased outcomes.
Tax obligation compliance: Operators must meet tax requirements, including accurately reporting revenues and paying applicable taxes.
Data protection adherence: Operators must strictly comply with data protection regulations to maintain the confidentiality and security of all personal and financial data collected from players.
Payment of licensing fees: To maintain lawful operations in Greece, operators must pay all required licensing fees, including application and renewal charges.
Local representation: Establishing a local office or representative in Greece is required to support regulatory communication and compliance.
Regulatory reporting: Maintaining a valid gambling license requires submitting regular reports to the Hellenic Gaming Commission, including financial, operational, and compliance updates.
Regulatory Gambling Bodies in Greece
Several regulatory institutions enforce gambling laws in Greece. These are the primary authorities influencing daily operations for iGaming operators:
Hellenic Gaming Commission
The HGC is Greece's central gambling regulator. It oversees, licenses, and monitors all gambling operations, ensuring strict compliance with national laws. The HGC can issue, revoke, or suspend licenses, conduct audits, and impose penalties as needed to maintain legal integrity in the gambling sector.
Hellenic FIU
The Hellenic Financial Intelligence Unit (FIU) enforces anti-money laundering (AML) measures in Greece’s gambling sector. It requires operators to maintain robust AML systems, conduct customer due diligence, monitor transactions, and report suspicious activity. These actions help prevent financial crimes and foster a safe gambling environment.
The Hellenic Data Protection Authority (HDPA)
The HDPA ensures gambling operators comply with data protection laws, including the GDPR. Operators must implement advanced data security—such as encryption, secure storage, and restricted access. The HDPA also requires the deployment of responsible gambling tools like self-exclusion and deposit limits, reinforcing player safety and trust.
National Council for Radio and Television
The NCRTV regulates gambling-related advertising in Greece. It enforces rules that prohibit misleading content and protect vulnerable groups, especially minors. Non-compliance can result in fines or advertising bans, making adherence to marketing standards critical for all operators.
Financial Obligations for Market Entry
Entering Greece’s iGaming market requires significant financial commitment. There are two main types of licenses:
Type 1 Online Betting License: Allows betting on sports, fantasy sports, and virtual events using RNGs.
Type 2 License for Other Online Games: Covers live casino, RNG-based games, and poker.
Application Fees
The B2C online gaming license application fee, set by Article 45 Paragraph 4 of Law 4002/2011 and Article 3 of Ministerial Decision 79835/2020, is €10,000. This fee is non-refundable and must be paid online via the HGC’s secure portal. The application process begins only after payment confirmation.
Operating License Costs
License costs depend on the license type. A Type 1 Online Betting License is €3 million, while a Type 2 License is €2 million. Applicants may apply for one or both if they are based in Greece, another EU country, or an EEA member state. Licenses are valid for seven years, and renewal costs match the original fee. There are no annual renewal charges.
Applications must be submitted through the Hellenic Gaming Commission’s Information System, in accordance with Law 4002/2011. A printed version of the application and supporting documents must also be mailed to the HGC headquarters in Athens.
Full instructions, required documentation, and regulatory guidelines are available in the HGC's Document Library. Operators can also reach out for help by emailing [email protected] or calling the HGC’s support center at (+30) 211 107 5000.
Taxation
Tax rates for license holders are clear and transparent. For iGaming operators, the Greek government imposes a 35% tax on gross gaming revenue (GGR), with 20% (or 30% for horse racing) of that amount allocated to social programs and charitable causes. Corporate income is taxed at a flat rate of 22%, which is applied before the GGR tax.
Other Financial Liabilities
In addition to licensing costs, fees, and taxes, iGaming operators must account for other expenses related to running online gambling services in Greece. These include, but are not limited to, regular compliance audits, technical infrastructure upgrades, staffing and maintaining a local presence, responsible gambling initiatives, and general operational and marketing costs.
Future Prospects and Emerging Trends
Greece presents a compelling opportunity for iGaming operators, supported by a population of over 10 million and rising enthusiasm for online gambling. Market growth shows no signs of slowing, with online gambling revenue forecasted to grow at an annual rate of 8%, reaching €1.3 billion by 2025*.
With a 35% GGR tax and 22% corporate tax, Greece remains moderate compared to other EU jurisdictions. Though licensing fees are significant, entry terms remain competitive and achievable.
The population’s enthusiasm for online betting is matched by a regulatory climate that encourages innovation, competition, and fairness. Overall, Greece offers iGaming operators a transparent, regulated, and sustainable market to grow their brands.
Looking ahead, the Greek market is expected to evolve further with upcoming regulatory updates and increased demand for mobile and innovative gaming solutions. While entry costs and competition are high, the market remains less saturated than others in the EU, offering a strong opportunity for new entrants that can bring cutting-edge solutions and localized strategies.
Source: *Statista
Market Advantages
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A rapidly growing market with a highly engaged online audience.
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Well-defined regulatory framework providing market clarity and stability.
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Strong cultural familiarity with gambling.
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Wide range of player interests in online gaming.
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High internet penetration and modern infrastructure.
Market Disadvantages
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High upfront licensing and operational costs.
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Potential vulnerability to economic fluctuations affecting consumer behavior.
Navigating the Greek License Application Process
Entering Greece’s gambling market can be highly rewarding, but operators must meet strict standards and follow a detailed application process. Here’s what you’ll need to do to apply successfully.
Application Preparation
Market research
Conduct in-depth research on the Greek iGaming sector—player demographics, platform trends, competition, and local compliance challenges. This enables international operators to design effective, compliant go-to-market strategies.
Financial planning and requirements
Prepare audited financial statements, capital reserve documentation, and a budget that accounts for licensing, taxes, staff, local infrastructure, and marketing. Operators must demonstrate the financial resilience to operate sustainably in the Greek market.
Like other EU countries, Greece requires operators to provide an upfront security deposit to obtain a B2C gaming license. This is commonly known as a letter of guarantee, which must equal €500,000 and be issued by a bank lawfully operating in Greece or another EU member state. This deposit acts as a financial guarantee, ensuring the operator can meet liabilities and comply with all financial obligations. Additionally, applications may only be submitted 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 term. Operators should prepare detailed financial statements and forecasts to properly budget for these costs and avoid financial strain during the application phase.
Legal readiness and representation
Make sure your legal team is well-versed in Greek gambling law. If the applicant is not registered or does not maintain a branch in Greece, appointing local representatives familiar with Law 4002/2011 and subsequent regulations is essential. In either case, local legal counsel ensures smoother navigation of the licensing process. These representatives will also serve as liaisons between your business and the Hellenic Gaming Commission (HGC) to ensure regulatory compliance.
Establishing a local presence
One of the core requirements is establishing a physical office in Greece. This local base supports operations and facilitates communication with Greek authorities. It also demonstrates a commitment to operating a transparent and legitimate business in the country. While Greece does not mandate that Greek nationals hold shares, local partnerships can strengthen integration and credibility.
Application steps
Here’s a step-by-step guide to help you navigate the licensing process:
Step 1. Understand the market: Begin by researching Greece’s online gambling market—player trends, competitors, and legal requirements. Use this insight to refine your business strategy and application.
Step 2. Prepare financial documentation: Gather audited financial reports and forward-looking revenue projections.
Step 3. Establish a local presence: Open an office in Greece to ensure compliance and maintain contact with Greek regulators.
Step 4: Appoint Greek legal representation to act as your local liaison with the HGC.
Step 5: Collect required documentation: Complete background checks and provide clean criminal records for all relevant company stakeholders.
Step 6: Document technical infrastructure. Include cybersecurity systems, payment protocols, and software information. Be sure to demonstrate GDPR compliance.
Step 7: Implement responsible gambling practices. Establish features like deposit caps, self-exclusion options, and access to support resources.
Step 8: Submit the application: Complete the online application and mail a hard copy to the HGC, along with all supporting documents.
Step 9: Pay licensing fees. Pay through the HGC's licensing portal. Fees include application processing and initial license coverage.
Step 10: Submit the required security deposit. This ensures financial accountability throughout your operations.
Step 11: Await review. HGC typically processes license applications within two months. Upon approval, you’ll receive your operating license.
Step 12: Maintain compliance. Stay licensed by undergoing regular audits and submitting mandatory performance and compliance reports to the HGC.
Secure Your Spot in Greece’s Booming Gambling Market Today!
While competition is growing, Greece’s online gambling market remains full of opportunity. Don’t miss your chance to enter. Contact Altenar today to discover how we can help position your brand for success in 2024.
Disclaimer
This material is not intended as legal advice and is based solely on publicly available sources. It should not replace professional legal counsel. Altenar assumes no responsibility for its application.
