Greece is not, at first glance, one of the markets traditionally associated with European iGaming —like Malta, the United Kingdom, or Gibraltar—, but its presence in the sector has gained relevance in recent years. An increasingly influential ecosystem of sector companies operates in Athens, including Kaizen Gaming, OPAP —soon to be Allwyn—, Intralot and OpenBet. Its weight does not come from volume, but from strategic positioning.
Read more United Kingdom: Tourism tax debate raised alarms in the family entertainment sector
The numbers support this reading. According to Ed Birkin, managing director of H2 Gambling Capital, the Greek market is growing at a rate of 15% year-on-year and generates approximately $1,300 million in gross gaming revenue. The projection points to $1,630 million in the next two years. In the first eight months of 2024, the sector’s total turnover reached about $30,500 million, of which nearly $21,800 million corresponded to online betting.
Greece: Few iGaming operators, more room to grow
The Greek market operates with around 20 licensed brands, a low figure compared to other European countries. This, according to Birkin, represents an advantage: competition is more limited and operators have real room to gain market share, especially among high-value players who typically manage several accounts simultaneously.
The dominant company is Stoiximan, owned by OPAP, with nearly 50% of the licensed online sports betting market. It is followed by Novibet, owned by Allwyn, with between 19% and 20%. International operators such as Bet365, Bwin, and Betsson have a presence, but it is smaller. Less than 60% of the total market currently operates online, indicating an as-yet untapped potential for migration from land-based gambling.
Regulation as a competitive advantage
Legal stability is one of the factors most cited by those who choose Greece to operate. The country has an open licensing model, with no limit on the number of authorized operators, and actively enforces the law against those operating without a license. The regulator HGC collaborates with European institutions and harmonizes its framework with the principles of the European Union’s internal market.
Stavros Karageorgiou, from the firm Karageorgiou & Associates, explains that the permanent licensing regime reduced legal uncertainty and created predictable conditions for long-term investment. Ioanna Vlahaki, HR Director at OpenBet, goes further: «Operating in a predictable environment allows us to commit long-term to hiring and capacity development».
Read more SBC Summit Rio prepares for an explosive finale with Öwnboss headlining the INFINITY closing party
Local talent with global reach
OpenBet has more than 500 professionals integrated in Athens in technology, data, and cybersecurity roles. Vlahaki points out that the decision was deliberate: to integrate the Greek capital into the global distribution model, not treat it as a secondary headquarters. Athens-based teams develop platforms with artificial intelligence that support risk management, trading, and player protection on a global scale.
Kaizen Gaming, owner of Betano, illustrates how a company of Greek origin can lead its domestic market and expand internationally at the same time. Intralot, recently merged with Bally’s International, continues to use Greece as a base for technological solutions deployed in markets worldwide.
Risks that should not be ignored
The landscape is not free of obstacles. Karageorgiou identifies two structural challenges: the persistence of illegal gambling and the regulator’s resource limitations, which could slow down its ability to respond to a rapidly evolving digital market.
Added to this is significant fiscal pressure: the tax on gross gaming revenue reaches 35%. Competition for talent in areas such as artificial intelligence, cybersecurity, and data analysis is intensifying. Sustained growth depends on university education, industry, and regulation advancing at the same pace.
A calculated bet
Greece accurately accumulates the three assets that define modern iGaming: regulatory stability, technical talent, and a market with potential. It does not compete with the noise of other European hubs. It competes with results.
Read more Illegal gambling in Brazil exceeds the size of the regulated market
