Greek market demand rose by more than 50% between June and December 2025, marking one of the year’s most significant growth stories in European iGaming. The expansion comes as most mature European markets experience slowing growth amid tightening regulatory oversight.
Structural Shift Drives Growth
Blask characterized the increase as a structural shift rather than a temporary spike. “The surge was not the result of a single tournament or seasonal spike,” the firm stated, identifying multiple factors contributing to sustained expansion.
The Greek market demonstrates strong digital penetration, with nearly 9 million internet users among the country’s 10 million population. Blask’s customer profile data indicates 63% of users are aged 18-34, with engagement distributed across multiple verticals: 60% report using lottery products, 45% traditional sports betting, 30% online casino products, and 25% slots and instant-win games.
Greece’s gaming regulator has described the online market as “extremely dynamic and growing,” reporting gross gaming revenue of €1.349 billion in the first half of 2024, representing an 8% year-on-year increase.
Sports Calendar Sustains Engagement
A densely packed sports calendar from late August through autumn provided consistent engagement opportunities, moving beyond the typical boom-and-bust cycle surrounding major finals. “Rather than short-lived peaks followed by sharp declines, demand remained elevated well beyond individual events,” Blask reported.
The sports-driven growth coincided with significant industry consolidation. In October, Allwyn International and OPAP, the former state monopoly holder, announced a merger with plans to rebrand OPAP from early 2026. The following month, OPAP secured preferred investor status for a 12-year state lottery concession, committing to an €80 million upfront payment and 30% annual share of gross gaming revenue.
Regulatory Changes Boost Casino Segment
Greece’s decision to raise RNG stake limits from €2 to €20 significantly altered market dynamics, enabling online casinos to capture demand during sports off-peak periods. “As sports-led acquisition increasingly converted into casino play, operators reported double-digit iGaming growth,” Blask noted, adding that the effect persisted over time.
The regulatory adjustment addressed a key limitation in the casino offering, allowing operators to build more sustainable engagement models across multiple product verticals.
Enforcement Redirects Traffic to Licensed Operators
Greek authorities blocked approximately 11,000 illegal gambling domains in December 2025, redirecting player activity toward regulated platforms. The enforcement action followed sustained pressure from the licensed sector, which has warned of a substantial illegal market estimated at €1.7 billion in 2023.
The Hellenic Gaming Association has called for enhanced coordination between regulators, law enforcement, payment service providers, and internet service providers to combat unlicensed operators. The association has accused illegal operators of targeting Greek players through Greek-language websites, including those operating under the .gr domain, and announced it would begin submitting reports to authorities on illegal content identified through its investigations.
Recent regulatory cases have exposed weaknesses in player fund protection mechanisms, prompting calls for further reforms to strengthen consumer safeguards within the licensed framework.
Payment Infrastructure Reduces Friction
The adoption of IRIS instant payments reduced deposit friction and improved conversion rates from player interest to active engagement, according to Blask. The payment infrastructure development addressed a key operational barrier, enabling smoother transaction flows for licensed operators.
Taxation Concerns Persist
The Hellenic Gaming Association has expressed concerns that heavy taxation constrains the licensed market’s ability to compete with illegal operators. The association reports that a 35% tax on gross profits can push the overall tax burden to nearly 60%, limiting operators’ commercial flexibility.
For the Greek government, the expanding regulated market generates increased tax revenue and larger contributions to social programs, particularly through lottery operations. Public health advocates have raised concerns that rapid growth may increase gambling-related harm, particularly if enforcement simply channels existing demand without reducing risky play patterns.
The Greek market’s performance in H2 2025 positions it as a notable outlier in the European landscape, demonstrating that jurisdictions with regulatory headroom and effective enforcement can still achieve substantial growth rates in an otherwise maturing continental market.
Source: Blask
