Industry News

Greece Online Gambling Revenue Down 40% in First Five Months of 2020

Published

5 years ago

July 29, 2020

Niji Narayan

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Greece’s online gambling revenue has fallen by 40% during the first five months of 2020 as sports halted due to COVID-19.

Figures released by the Hellenic Gaming Commission (HGC) show the local online gambling market generated revenue of nearly €150m in the first five months of 2020, a 40% decline from the same period last year.

The year started well with revenue of €49.3m in January, but this slipped to €45m in February. The revenue further slipped to €36.1m in March and then hit the bottom in April with €29.5m before rebounding slightly to €30m in May.

The Stoiximan betting brand was the market leader with a nearly 49% share of the overall pie. Stoiximan started the year off right with revenue of €24.3m in January but this sunk to €14.8m by May.

Greek lottery and betting operator OPAP, which is in the process of acquiring a majority stake in Stoiximan, saw its online revenue almost entirely erased over 2020’s first five months. The company’s fledgling online operations did not add casino games until May, leaving it without any options when sports shut down.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.