Greece’s independent administrative authority that regulates, supervises, and audits games of chance carried out in the country, the Hellenic Gaming Commission (HGC/EEEC in Greek), has used the voice of president Dimitris Dzanatos to issue a series of black market warnings. 

Dzanatos verbalized the warnings during the most recent Economist Conference on the topic of “Online Gaming: Prospects, Challenges and Responsibility,” which also marked the conference’s 27th edition. 

“Very Large Sums” Played via Illegal Operators

President Dzanatos explained that very large amounts of money are currently being played with operators outside the law, something that has led to a significant financial loss while creating unfair competition with legal gaming and betting suppliers. 

According to an HGC statement, Dzanatos also explained that it is necessary to obtain a better-organized response that is also more “methodical” to the current black market problems and all the risks associated with it in regard to the regulated gambling sector.

The authority’s president proposed that government representatives, independent authorities, as well as gaming service providers show their support for “collaborative actions for safe play and dealing with problems and social impacts.”

The HGC has been trying to pursue this objective for a while now, including via the Gaming Regulators European Forum where the Greek gambling authority formed ties with similar gambling authorities in other European countries with the purpose of countering the black market. 

Incredible Growth for the Greek Online Gambling Market 

So far, Dzanatos explained that Greece’s online gambling market “more than doubled” in the past five years between 2019 and 2023, from €437 million ($463 million) to €889 million ($942 million).

In May, the government voted to increase the €2 ($2.14) cap on online wagers while also boosting the value of maximum slots Jackpots. The changes brought by the Ministry of Finance followed the Year-1 review of the relaunched gambling market in the country. 

At the moment, Greece counts 15 active holders of gambling and gaming licenses including a manufacturer A1 suitability license issued to Spinomenal at the head of the year. The country embraced the latest industry framework in 2021.

In August, the commission started a series of talks regarding a potential introduction of a self-exclusion register, along with individual player cards, and studio spaces dedicated to live casino dealers.

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May has been a busy month for the software solutions provider whose work has been acknowledged with numerous recognitions, awards, and shortlistings over the years. 

At the head of the month, Soft2Bet announced it obtained a Business-to-Business license for Sweden, which it added to its previously obtained Business-to-Consumer license. 

Now, two weeks later, Soft2Bet has announced it was granted an important betting and gaming license for the Greek market. 

The Hellenic Gaming Commission’s Gaming Supervision and Control Commission was the one that awarded Soft2Bet with a pair of seven-year licenses for casino games and betting events in Greece.

Soft2Bet Makes Debut on Revived Greek Gaming Market

From 2021 onwards, the gaming market in Greece has gone through some spectacular changes, coming back to life and opening its doors to fresh operators like Gaming Corps, Spinome, Relax Gaming, and Slotegrator. 

Now, it is time for Soft2Bet to make its entrance and debut here with its state-of-the-art products. Speaking about the new license, group general counsel David Yatom called it a “terrific step forward” for the company.  

Yatom added that the new remote licenses for casino gaming and sports betting were regarded as a springboard for additional expansion on “further regulated markets across Europe and around the globe”.

The same group general counsel also called the latest licensing success a critical step that was taken in the right direction for Soft2Bet. Soft2Bet already holds a license in Spain, Ireland, and Denmark, with the latter obtained at the start of the year. 

Greece, a Market of “Particular Interest” for Soft2Bet

The company further explained its excitement to be joining the Greek market, calling it one that has “been of particular interest” to the provider and operator group since 2021. 

One year ago, the Greek government decided to increase the €2 ($2.14) cap on online wagers along with increasing the maximum value of slots Jackpots.

Soft2Bet expects the freshly obtained certifications to be proof of the hard efforts work that its legal and compliance departments have put in to stay fully compliant with different regulatory requirements. 

While continuing to issue licenses to brands that it trusts, the Hellenic Gaming Commission is also interested in promoting a safe gaming environment for domestic players. Accordingly, it introduced an anonymous tip line allowing people to report illegal gambling websites and unauthorized forms of advertisements. 

This comes to prove the Greek market’s interest in fully acknowledging, revealing, and preventing the risks and harms related to the black gambling market.

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