The Greek online gambling market has recorded strong double-digit growth in recent years. In 2024, the sector saw its strongest performance in a decade, while 2025 continued the upward trend, albeit at a slower pace. But, now, the rapidly growing licensed market is facing several challenges, including an upcoming player winnings tax increase alongside already high GGR taxation.
Indeed, Greece faces a number of structural challenges. And this raises an important but altogether familiar question: are lawmakers risking the attractiveness of Greece’s legal market in an effort to increase state revenue?
Strong growth momentum
In 2024, online gaming recorded its strongest expansion in the past decade, with GGR reaching €1.06bn ($1.25bn), a 23% increase compared to 2023. The regulator also noted that, over the five years prior to 2024, the market posted an average annual growth rate of 20%. Growth continued in 2025, although at a slower pace, with online GGR still rising by 11.7% year-on-year to €1.19bn.
Is Greece becoming overly “expensive” compared to other European markets?
A 2024 Kapa study found that Greece was already, at the time, one of the most “expensive” gambling markets in Europe. The country operates a dual-taxation system, with a 35% GGR tax applied to both online casinos and online betting, while player winnings are taxed separately.
Taxes on online casino winnings are set to increase from 1 July 2026. For winnings between €100 and €500, the rate will rise from 15% to 20%, while for amounts above €500, it will increase from 20% to 30%. These changes are permanent and apply only to online casinos, the most popular segment. Industry insiders have cautioned that the tax increase will add further pressure on operators. Although the tax is formally passed on to players, many operators absorb part of the cost to retain their customer base.
Could higher winnings taxes push more players toward illegal operators?
According to the 2024 Annual Report published by the Greek Gaming Commission, turnover from illegal gambling networks in Greece exceeded €1.67bn in 2024. In 2025, the regulator estimated that the state’s financial losses from illegal online gaming alone exceeded €700m annually.
The key question is whether operators are willing and able to continue absorbing part of the winnings tax burden to remain competitive, or whether the combination of high GGR and winnings taxes will become too restrictive
A 2024 Kapa survey found that three out of four Greek players said they could turn to illegal gambling. This was largely attributed to high taxation, a lack of restrictions and regulatory challenges in monitoring transactions. With the upcoming increase in winnings tax, this could further encourage migration to the illegal market, especially if heavily taxed operators reduce the share of the burden they absorb.
This, of course, is a classic industry argument and can often be seen as a ‘red herring.’ But if players themselves are taxed for using certain (legal) sites, and untaxed when playing on other (illegal) sites, it’s a simple fact that they are likelier to do the latter.
Will illegal market crackdowns be effective enough?
In February, Greece proposed a bill to strengthen its crackdown on illegal gambling and introduce tougher sanctions for offenders. Still, will these measures be effectively designed and enforced to deter illegal activity? Illegal operators tend to adapt quickly and are often skilled at evading detection, turning enforcement into an ongoing cat-and-mouse game between authorities and criminals.
What does the Superbet entry tell us about the market?
Recently, Superbet entered the Greek market, suggesting the market remains attractive. Alternatively, this entrance could reflect a different strategy. Stricter regulation is driving consolidation across Europe, and some operators may see this as an opportunity – a strategy already reflected in Entain’s approach in the UK.
In the UK, remote gaming duty rose from 21% to 40%. Entain’s former CFO, Rob Wood, told Global Gaming Insider: “The UK is an opportunity for us. We are very profitable there. Most operators will really struggle in this new environment, and we should gain share. We think we will continue growing at a 5–7% rate, which is consistent across our international segments.”
Higher market costs may favour larger, well-capitalised operators. Market leaders can leverage existing infrastructure, regulatory experience and financial resources to expand. Is Superbet pursuing this approach?
Sustainability of growth comes into question as taxes rise
Although growth continued in 2025, it did so at a slower pace, coinciding with upcoming tax increases. The key question is whether operators are willing and able to continue absorbing part of the winnings tax burden to remain competitive, or whether the combination of high GGR and winnings taxes will become too restrictive.
If legal offerings become too expensive, player activity will shift away from regulated channels, limiting further growth in the licensed sector – we have already seen this in the Netherlands. Now, the Greek market may be moving towards consolidation, while smaller industry players struggle to handle high market costs. Industry leaders can utilise their existing infrastructure and financial resources to expand – but players, ultimately, will be deterred by higher personal taxes. In short, the Greek mix is not quite right.