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In the first 8 months of 2023, the gambling market in Greece generated revenue of 22.68 billion

Updated: Feb 21

A 28.2% increase compared to the same period last year

In the first 8 months of 2023, the gambling market in Greece generated revenue of 22.68 billion

The Greek gaming industry has experienced substantial growth, with a 28% increase in turnover from January to August. This growth is expected to lead to a new annual record. Greeks have collectively spent 22.7 billion euros in these eight months on various forms of gambling, including online gambling, games organized by the Greek Organization of Football Prognostics (OPAP), land-based casinos, lotteries, and horse racing, as reported by the Hellenic Gaming Commission (EEP).

The data indicates that gambling companies have returned 92.5% of the bets, resulting in a collective loss of 1.7 billion euros by players during the first eight months of the year. Compared to the same period in 2022, the gaming industry's turnover has increased by 28%.

The gaming sector, which significantly contributes to tax revenues, is expected to set a new record this year. This is largely due to a 33% growth in online gambling during the January to August period. In the previous year, Greeks spent 29.2 billion euros on gambling, and 16 billion euros before the pandemic in 2019. Online gambling, with a turnover of 17 billion euros from January to August this year, is the most popular method, driving the overall growth in the industry.

In the European Union, 24 licensed gambling companies offering online sports betting have experienced remarkable growth since 2012. Their combined turnover increased from 2 billion euros in 2015 to 8.5 billion euros in 2019, more than doubling in 2021 to 17.5 billion euros, and reaching 21.3 billion euros in 2022.

The gross gaming revenue (GGR) of these companies, which is calculated by subtracting the profits paid to winning players from the total bets, has also seen an upward trend. According to estimates from the Hellenic Gaming Commission, GGR increased by 13% during January to August this year, reaching 1.7 billion euros compared to the same period the previous year. The GGR for the entire year is projected to be 915 million euros.

However, not all players have benefited from the industry's growth. Land-based casinos have suffered significant losses due to the shift towards online gambling. Approximately half of them are operating at a loss, mainly due to high operating costs and the impact of business closures during COVID-19 lockdowns.

BetConsultant.Cy is a premier leader in consulting services tailored to the online gambling industry. Our specialized solutions are meticulously crafted to empower our clients to thrive within their respective markets.

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Joseph Vrachimis CEO at BetConsultant.Cy

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