EGR has partnered with 4H Agency to bring its readers a series of long-form articles on the requirements and key facts and figures for a host of emerging markets throughout the world.
Tapping into 4H’s talent pool of experts, the articles will outline the regulatory framework and entry requirements for interested parties, as well as an insider’s view on how the market could shape up in the coming years.
Here, the series continues with Greece, with commentary from 4H partner and head of consulting department, Ivan Kurochkin.
Market overview
Greece, a European country with thousands of islands in the Aegean and Ionian seas, is widely recognised as the cradle of Western civilization. Today, it holds a significant position in Europe’s gambling sector, offering a diverse and carefully regulated market.
The development of the modern gambling industry accelerated between 1990 and 1997, marked by the expansion of OPAP’s portfolio beyond its original PRO-PO game to include LOTTO, PROTO, PROPO-GOL and JOKER. This period also saw the introduction of the instant state lottery known as Xysto and the licensing of private casinos in new regions.
Now, all forms of land-based and online gambling in Greece are regulated by the regulator, the Hellenic Gaming Commission (HGC), although certain sectors are effectively closed due to the continuing presence of state monopolies.
As of 2023, the country had a population of approximately 10.4 million and a GDP of ~$ 243.5bn. Greece recorded a Corruption Perceptions Index score of 49, placing it between Vanuatu and Jordan, and its gross gaming revenue reached ~$3bn.
Regulations
Greece regulates all types of gambling, including land-based casino, land-based sports betting, slot machines, online gambling and B2B providers. However, in practice, nearly all land-based segments are restricted.
Land-based casino licences are issued through public tenders, with a legislative cap of 10, nine of which have already been granted. Other verticals such as land-based sports betting, slot machines and lotteries operate under a state monopoly, effectively closing these sectors to private operators. As a result, the only practically accessible licences for private entities are for online gambling, covering both online casino operations and online sports betting.
B2B licensing is also regulated, applying to entities involved in the design, supply and maintenance of gambling infrastructure. This includes manufacturers and importers of VLTs and VLT games, suppliers and maintainers of casino equipment, and certified technicians who perform installation, repair, and servicing of slot machines.
Licence requirements
In terms of online gambling, the HGC authorises two types of licence: one for casino games and another for sports betting.
Casino games include poker, slots, roulette, blackjack, keno and bingo. These may operate either through live environments without random number generators (eg live poker) or rely fully on RNG systems (eg keno).
Sports betting encompasses both traditional sports wagers and non-sporting event bets, such as political outcomes or entertainment contests.
To obtain an online gambling licence, the applicant must meet the following conditions:
- Be a legal entity established in Greece or another EU/EEA country
- Hold a paid-up capital of at least ~$230,000
- Have no registration in the national blocklist within 12 months prior to application
- Submit a business plan outlining operational development
- Implement internal policies ensuring transparency and integrity, protection of players under the age of 21 and consumer protection and general compliance
Additional compliance obligations include:
- Storage of all gambling-related data in hardware facilities located in Greece
- Approval of all gambling-related software by the regulator
- Payment of certification fees: ~$5,700 application fee, ~$11,500 one-off technical certification fee
In terms of land-based casinos, licences are issued through public tenders and are subject to location-specific restrictions defined by law. Two categories of casinos exist:
- Simple-type casinos: Feature gaming areas and basic auxiliary services, with accommodation facilities rated at least four stars or three keys
- Resort-type casinos: Combine gaming areas with five-star hotels, retail outlets, restaurants and entertainment venues
Licences are geographically restricted and non-transferable outside the designated area for the duration of the licence. However, limited internal relocation within defined zones is permitted for specific operations (eg Parnitha, Thessaloniki, Loutraki, Achaia, Florina, Corfu and Syros).
Examples of location-based licence entitlements include:
- One licence within the Metropolitan Pole of Hellinikon – Agios Kosmas
- One licence each for Crete, Mykonos and Santorini
- Conditional relocation rights for existing casinos within regional boundaries
Licences are awarded via international tender, either via by the Ministry of Tourism, based on the recommendation of a seven-member committee, or by the Ministry of Finance.
Lastly, in terms of B2B licensing, there are the following requirements, which differ by the type of provider.
Manufacturers and importers. To be certified, an entity must:
- Be legally established in an EU/EEA country
- Submit a list of products (games or machines) and existing certifications
- Provide business registration documents and personal ID of the legal representative
- Appoint a legal representative in Greece (if based abroad)
- Pay the required application and registration fees
To be certified, a technician must:
- Hold a secondary school diploma
- Have Greek language proficiency (B2 level) if educated abroad
- Present a clean criminal record
- Sign a declaration of compliance with regulatory obligations
All certified entities are registered in the Technical Means and Materials Register and must comply with ongoing obligations set by the HGC.
Licence cost and term
Online casino licence (seven years): Application fee for an online casino licence amounts to ~$11,300. The licence fee amounts to ~$2.2m.
Online sports betting licence (seven years): Application fee for online sports betting licence amounts to ~$11,300. The licence fee amounts to ~$3.4m.
Land-based casino licence (term depends on the tender concession agreement): Tender fee offer for land-based casino licence depends on the location of the casino and varies from ~$831,800 to ~$34m.
B2B licence (five years or indefinite): Application and annual fee for the licence depends on the type of B2B provider and varies from ~$56 per game to ÙS$1,700.
Taxation
There are the following gambling taxes:
- Casino gambling tax: 30% GGR for casinos located in Attica, Thessaloniki, Achaia, Crete, Corfu and Rhodes; 20% for casinos located elsewhere
- Online gambling tax: 35% GGR
- Winning tax: 2.5%-7.5% per gaming ticket, and/or 15%-20% per gaming session
There are also some general taxes:
- 22%-29% corporate income tax
- 13%-24% VAT
- 5%-20% withholding tax
Responsible Gambling (RG):
- Only individuals aged 21+ may gamble
- Player identification is mandatory before gambling via a “player card” tied to verified ID (name, age, address, ID/passport)
- Each player can hold only one account per operator
- Self-exclusion options:
- Permanent: account disabled for one year minimum
- Temporary: either 24 hours or 1+ months
- Operators must:
- Provide responsible gambling info and helplines
- Allow players to set personal limits (spending, time, deposits)
- ISPs must block unlicensed sites; banks must reject transactions with blacklisted operators
Anti-Money Laundering (AML):
- Due diligence required at account opening or for transactions ≥ ~$2,300, and/or when suspicions of money laundering arise
- Operators must:
- Verify player identity using independent documents
- Identify PEPs, high-risk country nationals, or linked third parties
- Monitor transactions for unusual or risky behaviour
- Enhanced due diligence required for:
- Large or suspicious transactions
- Collusion, proxy betting, or manipulation
- Players from high-risk or non-cooperative countries
- All AML policies must be documented, updated and available to regulators
Marketing
Key restrictions:
- No targeting of individuals under 21 in any form of gambling advertising
- Commercial communication must not reference or appeal to minors in language, imagery or context
- Prohibited placements include:
- Before/during/after broadcasts or events aimed at minors
- In cinemas during youth-targeted screenings
Content limitations:
- Not to portray gambling as socially or personally beneficial
- Not to imply gambling is a rite of passage, investment or means to success
- Not to suggest outcomes are affected by skill, superstition or frequency of play
- Not to mislead about winning chances or community benefit from proceeds
Other:
- Pre-approval from the HGC required for all ads
- Aggressive advertising formats (eg. pop-ups, overlays) are banned online
- Advertising must mention prohibition for self-excluded players and support services for problem gambling
- Affiliates must comply with the same restrictions; direct marketing to users is prohibited
- Advertising providers are banned from working with unlicensed operators
It is also important to note that an affiliate must obtain an affiliate licence and be registered, maintained by HGC, in order to provide services to licensed operators. The application fee for an affiliate permit is ~$1,150.
Market specifics for entry
Greece’s gambling market operates under a controlled licensing regime with a limited number of licences across almost all verticals. As of 2025, the following licences have been issued:
- Land-based casinos: nine
- Online casinos: 19
- Online sports betting: 16
- B2B providers: 73
The most significant regulatory focus in recent years has been the intensified crackdown on illegal gambling, especially online. On 2 April 2025, the HGC announced the completion of a comprehensive interdisciplinary study aimed at forming a National Strategy to Combat Illegal Gambling.
Commissioned by the HGC and developed by experts in criminal law, economics and project management, the study outlined serious risks posed by unlicensed operations to public revenue, social cohesion and national security. Legal operators are expected to actively support enforcement, helping maintain the integrity of the regulated market.
The 4H view
The Greek gambling market is mature yet constrained, with explicit caps on physical casino growth, strict online licensing rules and heavy taxation. Despite online liberalisation, Greece retains monopolies on key land-based verticals: betting, slots, and lotteries, limiting private sector expansion. Also, a flat 35% gross gaming revenue tax on online operators ranks among the highest in Europe, often viewed as a deterrent for foreign entrants.
Nevertheless, the market benefits from several positive factors:
- A proactive, transparent and EU-aligned regulator
- High consumer demand and consistently strong gross gaming revenues
- A stable legal and business environment
Overall, the Greek gambling market offers solid prospects in the online space, driven by strong demand, regulatory clarity and continuous enforcement. Yet for long-term growth and enhanced market depth, recalibration is necessary: reducing tax burdens, closing legislative loopholes and stepping up the fight on illegal competition. If future reforms address tax burdens and reduce monopolistic constraints, Greece holds strong long-term growth potential as a regulated gambling jurisdiction.
The post The 4H View: Everything you need to know about Greece first appeared on EGR Intel.
EGR’s partner 4H Agency delivers its monthly insight into regulated markets’ key requirements. This month, Greece is in the spotlight
The post The 4H View: Everything you need to know about Greece first appeared on EGR Intel.