October 27, 2023

Addressing the Impact of Black Market Operators on the Greek Online Gambling Industry

Aaron Mitchell
Written byAaron MitchellWriter
Researched byJavier FernandezResearcher

The Hellenic Gaming Commission (HGC) has recently issued warnings about the detrimental effects of black market operators on the online gambling industry in Greece. President Dimitris Dzanatos highlighted the significant financial losses and unfair competition caused by the large sums of money being played with illegal operators.

Addressing the Impact of Black Market Operators on the Greek Online Gambling Industry

The Need for a Collaborative Response

President Dzanatos emphasized the importance of a better-organized and methodical response to address the current black market problems and associated risks in the regulated gambling sector. He called for government representatives, independent authorities, and gaming service providers to join forces in taking collaborative actions to ensure safe play and effectively deal with the social impacts of the black market.

Efforts to Counter the Black Market

The HGC has been actively working towards countering the black market through its participation in the Gaming Regulators European Forum. By forming ties with similar gambling authorities in other European countries, the Greek gambling authority aims to strengthen its efforts in combating illegal operators.

Impressive Growth of the Greek Online Gambling Market

President Dzanatos revealed that the Greek online gambling market has experienced remarkable growth over the past five years, more than doubling its value from €437 million ($463 million) in 2019 to €889 million ($942 million) in 2023. This growth can be attributed to various factors, including recent changes in regulations that increased the cap on online wagers and the value of maximum slots jackpots.

Future Initiatives

The HGC is actively exploring additional measures to ensure the integrity and safety of the online gambling industry in Greece. Talks are underway regarding the potential introduction of a self-exclusion register, individual player cards, and dedicated studio spaces for live casino dealers. These initiatives aim to enhance player protection and promote responsible gambling.

In conclusion, the Hellenic Gaming Commission's warnings about the impact of black market operators on the Greek online gambling industry highlight the urgent need for collaborative actions to address this issue. Despite the impressive growth of the online gambling market, it is crucial to combat illegal operators and ensure a safe and regulated environment for players. The proposed initiatives and ongoing efforts of the HGC demonstrate a commitment to protecting players and maintaining the integrity of the industry.

About the author
Aaron Mitchell
Aaron Mitchell

Aaron "SlotScribe" Mitchell, Ireland's very own slot enthusiast, effortlessly merges the classic tales of the Emerald Isle with the digital spins of today. As a prolific writer for SlotsRank, he unveils the magic behind the reels, captivating readers across the globe.

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