Key Moments:
- In 2024, authorities estimated that Greek bettors wagered approximately EUR 1.6 billion with unlicensed platforms
- The Hellenic Gaming Commission is implementing new enforcement tactics, including DNS blacklisting and site filtering
- Investigations have revealed that more than 200 individuals made significant undeclared gambling deposits, with at least ten licensed operators under scrutiny for potential AML violations
Regulatory Landscape and Ongoing Challenges
Greece has maintained a tough regulatory framework for online gambling, highlighted by strict rules and substantial taxes. Despite recent progress in integrating more of the gambling sector into the legal marketplace, unauthorized activity remains a persistent issue. The Hellenic Gaming Commission (HGC) is now intensifying its campaign against the black market, with the aim of establishing a fully regulated and secure industry environment.
Assessing the Black Market’s Impact
Official figures from 2024 indicate that unlicensed gambling operators handled wagers totaling roughly EUR 1.6 billion from Greek participants. Approximately 9.5% of the population reportedly admitted to having used these platforms at least once. The persistence of identification-free venues is also notable, with online resources, such as a list published by Xena Casino, identifying casinos that do not require user identification.
Legislative Action and Compliance Initiatives
The Hellenic Parliament has introduced new laws to address loopholes exploited by both operators and gamblers. These reforms empower the HGC to blacklist websites through DNS blocking, filtering sites suspected of providing unauthorized casino or sportsbook services. Over 11,000 domains have been added to the blacklist, and this figure is expected to rise as enforcement measures are ramped up.
Physical illicit gambling locations, such as internet cafes and clandestine clubs, are also a priority under the updated legislation. Authorities can now shutter unlicensed venues and punish those involved in their operation. The new legal measures work in conjunction with amplified Anti-Money Laundering (AML) obligations, with oversight from the Hellenic Anti-Money Laundering Authority (AMLA).
Money Laundering Investigations in the Legal Sector
Authorities have extended their scrutiny to the licensed side of the Greek iGaming market. Investigators identified more than 200 cases of individuals making substantial cash deposits into gambling accounts, later disguising these funds through minimal sports bets. Some cash transactions exceeded EUR 1 million per instance. At least ten licensed gambling operators are now linked to these transactions, prompting concerns about deficient AML protocols and the integrity of the legal market.
The AMLA has been actively comparing tax filings with gambling account activity to uncover significant inconsistencies and track enigmatic money flows.
Obstacles to Effective Enforcement
Despite broad support for the crackdown, practical issues continue to hamper enforcement. The international footprint of Greek gambling operators complicates DNS blocking, as it requires global cooperation – a lengthy process for the HGC. Political complications may also arise, with some persons of interest being public officials or insiders. Additionally, illicit actors exploit technologies such as cryptocurrencies and VPNs to skirt new controls, threatening to undermine these regulatory efforts.
Potential Economic Outcomes
A successful reduction in illegal gambling could substantially boost government revenue, with the potential to recover up to EUR 500 million. Achieving a more transparent and efficient marketplace may also enhance prospects for compliant operators by diminishing the influence of unlawful competitors.
However, realizing a lasting and meaningful transformation will depend on the state’s success in prosecuting, sanctioning, and conducting ongoing surveillance. This will determine whether the current crackdown represents a pivotal moment or merely a temporary corrective action.
Summary Table: Key Figures from Greece’s Crackdown
| Metric | Reported Value |
|---|---|
| Estimated Unlicensed Wagers (2024) | EUR 1.6 billion |
| Population Using Unlicensed Sites | 9.5% |
| Number of Blacklisted Websites | 11,000+ |
| Potential Annual Revenue Recovery | EUR 500 million |
| Individuals Investigated for AML Violations | 200+ |
| Licensed Operators Under AML Scrutiny | 10+ |
- Author
Daniel Williams
