In the often volatile landscape of European iGaming, Greece occupies a position of understated influence. Unlike established centres such as Malta, the United Kingdom or Gibraltar, the country has not traditionally been seen as a sectoral powerhouse. Yet in recent years, it has quietly developed a concentrated ecosystem of operators, suppliers and technology firms whose reach extends well beyond its domestic market.

Major industry names including Kaizen Gaming, OPAP (soon to complete a full rebrand under Allwyn), Intralot and OpenBet have established substantial operations in Athens. The capital’s significance lies less in market size than in its strategic positioning: regulatory clarity, a growing online segment and a deepening pool of technical expertise.

A growing market with headroom

Greece’s regulated gambling market continues to expand at a steady pace. According to H2 Gambling Capital, the market is currently worth approximately €1.2 billion in gross gaming revenue and is forecast to reach €1.5 billion within the next few years, with annual growth running at roughly 15%. Online channels have been a particular driver.

Despite rapid digitisation, less than 60% of Greece’s licensed betting and gaming activity currently takes place online, leaving further scope for migration from land-based channels. Operators point to the concentration of higher-value players—many of whom hold accounts across multiple brands—as an opportunity to increase share of wallet in a market where competition remains comparatively limited, with around 20 licensed brands.

Domestic operators dominate. OPAP’s Stoiximan brand leads the online sports betting and casino verticals with roughly half of licensed online sports betting market share. Novibet, also part of the Allwyn group, holds close to one-fifth. International brands including Bet365, Bwin and Betsson maintain smaller but established positions.

Total gambling turnover reached approximately €28 billion in the first eight months of 2024, with around €20 billion attributed to online betting, underlining both robust demand and a digital-first consumer base. Industry stakeholders frequently cite regulatory predictability as Greece’s core differentiator. The establishment of a permanent licensing regime has reduced legal uncertainty and enhanced supervisory credibility, creating a more stable environment for long-term investment.

Unlike some jurisdictions, Greece operates an open licensing model without a cap on operator numbers, combined with active enforcement against unlicensed providers. Its framework is aligned with EU internal market principles, and the national regulator cooperates closely with European institutions and foreign counterparts. This alignment facilitates cross-border operational structures for EU-established operators while maintaining domestic oversight.

For companies with global ambitions, such stability underpins strategic decisions around hiring, capability building and infrastructure investment. Executives at OpenBet describe Greece as one of the company’s most strategically important global hubs, with more than 500 employees embedded in core technology, data and security functions. From the outset, Athens was integrated into the firm’s global delivery model rather than treated as a satellite office.

From monopoly to multinational anchor

OPAP’s trajectory illustrates Greece’s broader evolution. Once a state lottery and betting monopoly, the company now operates major digital platforms, including Stoiximan and PameStoixima. Its majority ownership by Allwyn has further elevated Athens as a strategic anchor within a multinational structure.

A planned merger and rebrand under the Allwyn name in 2026 is expected to consolidate this position. While Allwyn pursues capital markets activity and international expansion, maintaining a core operational presence in Greece reflects both domestic brand strength and investor confidence in the market’s regulatory stability.

### Scaling outward: Greek firms abroad

The outward expansion of Kaizen Gaming, owner of the Betano brand, underscores how Greek-founded companies are leveraging domestic strength to scale across Europe and Latin America. Its online-first model, product development capabilities and customer engagement strategies have enabled it to compete in more mature jurisdictions while retaining operational depth in Athens.

Suppliers reinforce this export dynamic. Intralot, which recently merged its international arm with Bally’s operations, continues to deploy lottery and gaming platforms from its Greek base into multiple global markets. OpenBet similarly uses its Athens teams to support AI-enhanced trading, risk management and player protection systems worldwide.

Executives argue that the clustering of operators and suppliers has created a reinforcing ecosystem. Knowledge exchange, shared standards and an increasingly experienced leadership pipeline contribute to sectoral maturity. Crucially, firms no longer need to relocate talent to Malta or the UK to access advanced technical capabilities.

At the centre of Greece’s appeal is its human capital. Universities produce strong cohorts in engineering, mathematics and computer science, feeding directly into gaming, data and cybersecurity roles. Companies report significant in-market depth in AI, trading systems and platform architecture.

This talent base supports increasingly sophisticated product development. Athens-based teams are contributing to AI-enhanced systems that underpin real-time trading, fraud detection, compliance monitoring and personalised customer engagement. For operators competing across multiple jurisdictions, integrating Greek teams into global innovation cycles provides both cost efficiency and technical strength.

Complementary fintech infrastructure further strengthens the ecosystem. The presence of payment innovators such as Viva Wallet supports secure, compliant financial flows for regulated operators operating across Europe.

Despite clear advantages, Greece faces structural challenges. Illegal gambling activity remains persistent and adaptive, posing competitive and regulatory risks. Capacity constraints within the supervisory authority—particularly around funding, staffing and technological resources—could limit responsiveness as products and platforms evolve.

Taxation also remains a constraint, with gross gaming revenue taxed at 35%, a level some operators argue narrows margins relative to other EU jurisdictions. At the same time, competition for specialised talent in AI, cybersecurity and advanced analytics is intensifying, raising salary pressures.

Sustained competitiveness will depend on continued investment in university–industry collaboration, upskilling and regulatory agility to accommodate emerging verticals and technologies.

If stability, talent and scalability are the defining currencies of modern iGaming, Greece is accumulating all three — positioning itself as a competitive European hub rather than just a growing domestic market.

A differentiated European position

Greece’s competitive edge over more mature European jurisdictions lies in a convergence of factors rather than sheer scale. Regulatory stability and EU alignment provide predictability. An open licensing model enables competition without artificial caps. Online penetration continues to rise in a market still shifting from land-based channels. And a technically proficient workforce supports platform development and global export.

In jurisdictions where licensing constraints are tighter or talent bottlenecks more acute, expansion can be slower and more costly. Greece, by contrast, offers a combination of stability, growth and scalability that is attracting both domestic champions and international suppliers.

As operators embed Athens within global delivery networks, the country’s role is evolving from consumer market to technology and operations hub. If stability, talent and digital maturity define modern iGaming competitiveness, Greece appears intent on consolidating its position across all three.