Greece is Experiencing A Hoped for and Needed Boost from Online GamingPublished March 9, 2019 by Lee R
Greece is developing its market so that a record of performance has emerged that provides continuity, sustainability and viability.
Greece's new regulation is getting the majority of its contribution from the online verticals.
This week new figures were released indicating a record total take of €356m in GGR for the first 11 months of 2018 contributed by Greece’s 15 active online gambling operators, a total that is almost one-third higher year-on-year since 2017.
Comparing the Halves
The Greek online gambling revenue total of €182.8m over the first six months of 2018 puts the five-month total for the second half of 2018 on a similar pace at €173.2m, which further indicates that the market is maintaining the invariable momentum established by the 2018 World Cup.
The Greek market at this point is dominated by three operators: Stoiximan parent company Gambling Malta, which took the largest share of online revenue for the first 11 months of 2018 at €145.5m (+7%). This was followed by Bet365’s Greek facing site with local site with €135.2m (+23%) followed by Sportingbet at €44.6m.
The robust online gains stand in stark contrast to land-based performance, where Greece's nine licensed venues reported revenue of €222.8m over the first 11 months of 2018, with land-based casino revenue on pace for a €248m total for the full year, which would be a slight drop from 2017's €253.5m in 2017 and €262.7m in 2016.
The Online Boost
Online gambling is a welcome added revenue infusion to the cash-strapped Greek government, which has collected €124.5m from the sector for the first 11 months of 2018 alongside €70m from land-based casinos, indicating a second consecutive year that the government’s take from online gambling has surpassed land-based casino taxes.
The Long Transition
The 15 active online operators are part of a group of 24 so-called “transitional” licenses issued in 2011, on the heels of the Hellenic Gaming Commission EEEP releasing a landmark new regulatory regime.
These profits represent a great illustration of the additional revenue that online regulation can provide for struggling economies as well as in general.