October 27, 2023

Combating the Black Market: Greece's Gaming Industry Takes Action

Aaron Mitchell
Written byAaron MitchellWriter
Researched byJavier FernandezResearcher

The Hellenic Gaming Commission (HGC/EEEC), Greece's autonomous administrative body responsible for regulating games of chance, has expressed concern over the increasing influence of the black market. Dimitris Dzanatos, the president of the HGC, highlighted this issue during the 27th Economist Conference, which focused on the prospects, challenges, and responsibility of online gaming.

Combating the Black Market: Greece's Gaming Industry Takes Action

The Financial Impact and Need for Collaboration

Dzanatos emphasized the severity of the problem, noting that significant amounts of money are being wagered through unlicensed operators. This illegal activity not only results in substantial financial losses but also unfairly disadvantages legitimate bookmakers and gaming companies. To address this issue, Dzanatos stressed the importance of a coordinated and strategic response, aiming to protect the legal gaming industry from the risks associated with the black market.

Collaboration and Societal Implications

To combat the growing problem of uncontrolled gambling, Dzanatos proposed collaborating with independent authorities, government officials, and gaming service providers. The HGC aims to address the societal implications and promote safe gaming habits through this partnership. The commission has been actively working towards this goal by forming alliances with gaming regulators across Europe, as part of the Gaming Regulators European Forum.

The Growth of Greece's Online Gambling Industry

President Dzanatos revealed a significant increase in Greece's online gambling industry over the past five years. The industry's size has more than doubled, from €437 million ($463 million) in 2019 to €889 million ($942 million) in 2023. This growth highlights the need for effective regulation and measures to combat the black market.

Regulatory Changes and Industry Framework

In May, the Greek government implemented several regulatory changes to enhance the online gaming environment. These changes included lifting the €2 ($2.14) wager cap and increasing the maximum slots jackpots. The decision was based on a thorough analysis of the nation's gaming sector after its reopening. Currently, Greece has 15 licenses for gaming and gambling, with companies like Spinomenal operating under an A1 manufacturer suitability license. The nation has also adopted an upgraded industry framework in 2021.

Improving the Regulated Gaming Experience

The HGC is actively exploring additional measures to enhance the regulated gaming experience. They are considering the implementation of a self-exclusion registry, unique player cards, and special studio areas for live casino dealers. These initiatives aim to further promote responsible gaming and ensure a safe and enjoyable environment for players.

In conclusion, the rising influence of the black market in Greece's gaming industry poses significant challenges to the legal gaming sector. The HGC, along with various stakeholders, is committed to addressing this issue through collaboration, effective regulation, and the implementation of innovative measures. By safeguarding the industry and promoting responsible gaming, Greece can ensure a thriving and secure gaming environment for all players.

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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