How Greece quietly became a thriving European iGaming hub

In the often volatile landscape of European iGaming, Greece occupies a position of understated influence. While not immediately associated with the sector’s usual power centres – Malta, the United Kingdom, or Gibraltar – the country has quietly cultivated a cluster of operators, suppliers and technology specialists that punch well above their weight.

Heavyweights such as Kaizen Gaming, OPAP (soon to be fully rebranded as Allwyn), Intralot and OpenBet have established substantial operations in Athens, creating a hub whose significance lies less in scale than in strategic positioning, regulatory stability and the depth of local talent. 

Greece’s gambling sector has been expanding steadily. “Greece is an attractive market as it’s growing strongly still (15% year on year growth) and is about a €1.2 billion market in terms of gross win, forecast to reach €1.5 billion in the next couple of years,” says Ed Birkin, managing director at H2 Gambling Capital. Growth in online channels has been particularly notable.

A market of higher value players

According to Birkin: “As higher value players tend to have multiple accounts, operators see the opportunity to gain share of wallet from these players, as competition is more limited compared to other markets with only circa 20 brands in the market. The online segment can grow even more.

“With less than 60% of the licensed betting and gaming market currently online, there’s further potential for a shift from land to online.” 

Domestic operators dominate. OPAP’s Stoiximan remains the market leader, particularly in online sports betting and casino platforms, with around 50% of the licensed online sports betting market share. Allwyn’s Novibet follows with roughly 19%-20%, while international entrants such as Bet365, Bwin and Betsson occupy smaller but meaningful positions. Greece’s total gambling turnover reached approximately €28 billion in the first eight months of 2024, of which around €20 billion came from online betting, reflecting both robust demand and a digital-first consumer base. 

Stability as a strategic magnet 

Regulatory clarity and predictability are frequently cited as key drivers for the concentration of gaming activity in Greece. Stavros Karageorgiou of Karageorgiou & Associates notes: “The establishment of a permanent licensing regime has reduced legal uncertainty, enhanced supervisory credibility and created a predictable environment for long-term investment by licensed operators and suppliers.” 

Greece distinguishes itself through an open licensing model without a cap on the number of operators allowed, active enforcement against unlicensed operators and alignment with EU internal market principles. Karageorgiou adds that “regulatory extroversion and EU alignment have become core features of the Greek framework. The HGC regulator actively cooperates with European institutions and foreign regulators, ensuring compatibility with EU internal market principles and facilitating cross-border operational structures for EU-established operators.” 

For operators, this stability underpins strategic decision-making. “Operating in a predictable, EU-located business environment like Greece allows us to make long-term commitments to hiring, leadership development and specialist capability building,” says Ioanna Vlahaki, chief people officer at OpenBet. “That confidence underpins our decision to continue expanding our footprint locally alongside our global operations.” 

Anchoring global operators 

OPAP exemplifies why Greece has become a core hub. Once a state lottery and betting monopoly, the company now operates significant digital platforms, including Stoiximan and PameStoixima. Its majority ownership by Allwyn, a multinational lottery and gaming operator, reinforces Athens as a strategic anchor. The combination of domestic brand strength and global investor visibility has made Greece central to Allwyn’s broader strategy. 

The planned merger and rebrand into Allwyn in 2026 consolidates this position. Karageorgiou explains: “Capital-market considerations encourage operators – particularly those with strong local brands or origins – to maintain Greece as a core operational market, even when financing or listings are pursued abroad.” The Athens Stock Exchange listing not only signals domestic investor confidence but also ensures that the company remains deeply embedded in the Greek market while expanding internationally. 

Scaling from Greece to Europe 

Kaizen Gaming, owner of Betano, exemplifies how a Greek-founded operator can dominate domestically while scaling abroad. Karageorgiou highlights its strengths: “A leading online-first operator with advanced technology, strong product development and highly effective CRM and customer engagement strategies, its international expansion reflects operational sophistication and strategic ambition beyond the domestic market.” 

OpenBet’s experience underscores why Greece is fertile ground for tech-driven gaming companies. Vlahaki notes: “Greece is now one of OpenBet’s largest and most strategically important global hubs, with more than 500 team members embedded across core technology, data and security functions among others. From the outset, we made a deliberate decision to integrate Athens directly into our global delivery model rather than treating it as a satellite location.” 

The Greek talent pool really sets it apart, Vlahaki explains: “There is strong academic grounding in engineering, trading and technology, which has created a significant depth of technical skills in-market. … Many teams based here are contributing to AI-enhanced platforms that support trading, risk management, player protection and product innovation. This human capital allows companies like Kaizen and OpenBet to maintain operations at global scale, integrating Athens into worldwide delivery and innovation models.” 

Suppliers and technology export 

Greece’s influence is not limited to operators. OpenBet and Intralot illustrate how the country serves as an export hub for gaming technology. Intralot, which merged with Bally’s International last year, continues to operate Greece as a base for gaming platforms and solutions that are deployed internationally. Vlahaki stresses that the local ecosystem amplifies these benefits: “A more mature ecosystem raises the bar across the market. It deepens sector expertise, accelerates leadership development and allows professionals to build long-term gaming and technology careers in Greece.” 

This concentration brings added advantages: operators and suppliers benefit from knowledge exchange, shared standards and a pipeline of experienced leadership. Greece’s clustering effect ensures that technical innovation, AI-enhanced trading systems and platform development can thrive without requiring relocation to traditional hubs such as Malta or the UK. 

Advantage in Europe 

Greece is emerging as a credible European hub, supported by regulatory stability, digital maturity and strong technical talent. Open licensing and EU-aligned rules create a predictable environment that enables smooth market entry and long-term planning. High online penetration and a young, tech-savvy population have accelerated the shift toward online-first operations, strengthening the country’s digital economy.

At the same time, expertise in engineering, data science, AI and cybersecurity underpins the development of sophisticated platforms. Local server, data storage and compliance requirements ensure operators maintain a meaningful presence in Greece, striking a balance between oversight and corporate flexibility. 

Birkin underscores the market opportunity: “Operators see the opportunity to gain share of wallet from higher-value players, as competition is more limited compared to other markets.” The combination of EU-aligned regulatory stability, market growth and deep local expertise provides Greece with a competitive edge over more mature European jurisdictions, where talent bottlenecks or stricter licensing constraints can slow expansion. 

Risks and constraints for the market?

Despite its strengths, Greece faces structural challenges. Karageorgiou notes that “a key risk remains the persistence and gradual evolution of illegal gambling activity. Another structural challenge relates to the capacity of the regulatory authority. Constraints in funding, staffing or technological resources could limit its ability to respond quickly to market developments and emerging regulatory challenges in a highly digital sector.” 

Competition among talent is intensifying, particularly in AI, cybersecurity and data roles. And taxation remains high at 35% of GGR. Sustained growth will depend on continued investment in upskilling, university-industry pathways and regulatory agility to accommodate emerging products and platforms. 

Greece is increasingly positioned not merely as a consumer market but as a European hub for technology, operations and innovation. Kaizen, OpenBet and Intralot demonstrate how Greek-based teams can deliver platforms and AI solutions to international markets. The presence of fintech innovations, such as Viva Wallet’s secure payment systems, strengthens the ecosystem by enabling compliant, efficient financial infrastructure for regulated operators across Europe. 

Vlahaki summarises the strategic logic: “By continuing to invest locally, we believe Greece can remain competitive not just within Europe, but globally.” One thing seems clear: if stability, talent and scalability are the true currencies of modern iGaming, Greece is accumulating all three with deliberate precision.