Last updated: October 06, 2023
The Greek iGaming market has soared in recent months with new casino licenses providing a surge in growth. Operators Stakelogic, Softswiss, and Yggdrasil have been approved for gaming licenses from the Hellenic Gaming Commission (HGC).
Stakelogic has kept itself busy with spreading its suite of games across new markets in Europe. Recent additions include Betsson’s Italian market and a deal with Danske Spil for the Danish equivalent.
SoftSwiss heads to Greece after receiving approval for a Manufacturer Suitability license from the HGC. The company acquired a Greek business to consumer gambling license earlier in the year too.
The Kaizen Group has increased its presence in the country which means Yggdrasil’s entire collection of casino games will be offered through Kaizen’s Stoiximan brand.
The change was a significant shift given online gambling was banned for the country back in 2002. While Greece itself went through some troubling times, it wasn’t until 2011 that the country issued temporary licenses.
Nothing moved much over the next decade in terms of growth. The HGC announced and issued 15 licenses in the summer which has been a big driver in the sudden shift towards becoming a major iGaming hub.
The cost of operating an online casino out of Greece isn’t a cheap venture. A license from the HGC can cost upwards of $3.4 million, plus, other fees and taxes as high as 35%.
These rather pricey costs haven’t deterred the momentum though with the HGC reporting gross gambling revenue of $610 million in 2021, up from $494 million in 2020.
Marilyn Chavez is an associate researcher at the Missouri University of Science and Technology, where she studied the mathematical probabilities and aspects of casino games like slot machines. She’s written several case studies which have been published by multiple problem-gaming institutions to help spread awareness about the dangers of online gambling and gambling addiction. She also presented a 2019 Ted talk on the topic of gambling among minors.
