Greece online gaming business is gaining a few new companies. As the sector expands, consumers will have more options, which is excellent news.
Greece may not be the most populous country in Europe, but gaming substantially contributes to its economy. Once a monopoly, the market is now opening up and allowing new operators to participate.
According to the gambling regulation, twenty-four operators previously got licenses to offer their platforms in Greece. This number will increase by two in 2023 when two other enterprises are expected to arrive.
Spinomenal, Relax Gaming Land In Greece
The HGC approved Spinomenal’s application for a manufacturer’s license at the start of the week. The company can now legally collaborate with live or soon-to-be licensed gambling operators.
Spinomenal is already operational in Romania and Malta. Its Panda Bluemoon and SubTech brands were granted permission to enter the UK market in 2022. In addition, it holds certifications from Spain, the Netherlands, Sweden, Colombia, South Africa, and other nations.
This week, Relax Gaming also gained clearance from the HGC. The business is responsible for various popular slot games, including Money Train 3, Temple Tumble 2 Dream Drop, and others. These are a portion of a library that contains over 4,000 games.
With its new iGaming supplier license, Relax can provide its whole offering to licensed gambling operators in Greece. It establishes partnerships and could have at least one by the end of the first quarter.
Returning to Reality
To eradicate organized crime, Greece outlawed all forms of online gambling in 2002. Still, recurring economic hardship led it to reevaluate its stance. In 2011, Greece altered its position and started issuing temporary iGaming licenses.
It didn’t take long for operators to join the fray, but they quickly came to a shocking revelation. OPAP, the state-owned gaming and lottery firm dominated the industry and effectively stifled rivalry.
Within a year, numerous operators departed. From 2013 to 2016, Greece only collected €60,000 (US$64,488) in tax income, proving that depending on a monopoly was not wise.
In July 2021, the HGC approved permanent licenses for 15 iGaming businesses due to a further legislative change brought about by this development. Online casino licenses cost €2 million ($2.15 million). However, the sector continues to expand.
As the illegal market continues to face obstacles, the legitimate sector will be able to expand. Stakelogic entered the Greece online gaming business market in 2022 through cooperation with BetShop, and the market will mature significantly by 2023.