Greece’s online gaming market continues to grow and attract new players

Greece may not be the most populous nation in Europe, but it has one of the greatest gaming industries. While there was formerly a monopoly, it is now becoming more open, allowing for the entry of new operators.

According to the gambling regulation, 24 companies have already been granted licenses to offer their platforms in Greece. Two additional companies will be joining that group in 2023, increasing the total.

The HGC granted Spinomenal a manufacturer’s license in the nation a few weeks ago. As a result, the business can now legitimately collaborate with authorized gambling operators who are already operational or who intend to do so.

Spinomenal has already launched in Romania and Malta, and in 2022, the UK market approval for its Panda Bluemoon and SubTech brands. A number of other nations, including Spain, the Netherlands, Sweden, Colombia, South Africa, and others, are also said to have certified it.

Most recently, the HGC approved Relax Gaming as well. The business is the source of popular slot games like Money Train 3, Temple Tumble 2, Dream Drop, and others. These are among the more than 4,000 games in the collection. Relax will now be allowed to provide that whole range to Greece’s authorized gambling operators thanks to its new iGaming supplier license. According to reports, it is putting partnerships in place and could have at least one agreement in place by the end of the first quarter.

Relax Gaming has proven to be successful in countries that it dominated such as the UK. In 2021, Relax strengthened its ties with Booming Games and William Hill. This year, Relax is also set to collaborate with AboutSlots to enhance the content offering, all while offering some of the best slots around as can be shown in this Money Train 3 slot review.

In an effort to combat organized crime, Greece outlawed all kinds of online gambling in 2002, but subsequent economic hardship compelled it to change its mind. Greece changed course in 2011 and started providing interim iGaming licenses.

Operators jumped right in, but not before quickly coming to a sobering revelation. The government-run gaming and lottery organization, OPAP, dominated the market and effectively eliminated competition.

Numerous operators departed after a year. When Greece only generated €60,000 (US$64,488) in tax income from 2013 to 2016, it became clear that depending on a monopoly wasn’t a wise option.

Following another legislative modification as a result, the HGC granted permanent licenses to 15 online gaming firms in July 2021. Online casino licenses cost €2 million (US$2.15 million), which is a significant amount. However, the industry is still expanding.

The legal segment will be able to expand while the black market segment continues to experience difficulties. Through a collaboration with BetShop, Stakelogic entered Greece in the end of 2022, and the market will significantly mature by 2023.