The Hellenic Gaming Commission, Greece’s autonomous governing body responsible for the regulation, oversight, and audit of gambling activities in the nation (HGC/EEEC in Greek), has leveraged president Dimitris Dzanatos’s voice in the issuance of a sequence of warnings concerning the black market.
These statements made by Dzanatos took place during the latest edition of the Economist Conference under the theme of “Online Gaming: Prospects, Challenges and Responsibility,” which additionally was the 27th iteration of the conference.
Enormous Sums Bet Through Illicit Operators
President Dzanatos clarified that staggering sums of money are currently being gambled using illegal operators. This situation has resulted in a considerable financial loss and fostered unequal competition against lawful gaming and betting providers.
In line with a statement from HGC, Dzanatos further elaborated that to effectively counter the black market issues and the risks it poses to the licensed gambling industry, a more strategic and systematic reaction is required.
The commission’s president suggested that governmental representatives, autonomous authorities, and providers of gaming services express their backing for “collective actions towards secure gaming and addressing associated social and problem-related issues.”
For quite some time, the HGC has been pursuing this aim, including through the Gaming Regulators European Forum. In the forum, the Greek gaming authority has established connections with similar gaming authorities in other European nations to counter the black market.
Remarkable Expansion of the Greek Online Gambling Market
Until now, Dzanatos specified that the online gambling market in Greece has “more than doubled” in the last five years from 2019 to 2023, growing from €437 million ($463 million) to €889 million ($942 million).
In May, the government decided to raise the €2 ($2.14) limitation on online bets while also increasing the value of maximum slot jackpots. The Ministry of Finance implemented these changes following a first-year review of the re-initiated gambling market in the nation.
Presently, Greece has 15 active gambling and gaming license holders. This includes a manufacturer’s A1 suitability license which was granted to Spinomenal at the beginning of the year. The nation adopted the latest industry framework in 2021.
In August, the commission initiated a series of discussions about the potential implementation of a player self-exclusion process, including the introduction of personal player cards and the creation of dedicated studio spaces for live casino dealers.
