Opening up of the Gaming industry
Formerly the Greece gaming industry was a monopoly but is now opening up, allowing new operators to enter the market. So far, 24 companies are already operational, having been issued with the required licenses to provide their platform in the country. In addition, according to Greece’s gambling regulation, two more companies are expected to join the group in 2023.
In 2002, Greece outlawed all forms of online gambling in an attempt to combat arranged crime. However, the ban on online gambling resulted in challenging economic times, making it change its mind. In 2011 the country started issuing temporary iGaming licenses, which many operators applied for, and began offering its online casino platform in Greece.
After some time, OPAP, a state-run lottery and gaming company, dominated the market eliminating competition. That resulted in many operators departing the industry after a year of operation. Between 2013 to 2016, Greece generated a tax income of €60,000 (US$64,488). This made it clear that relying on monopoly was not a good idea, leading to a legislative change.
In July 2021, the Hellenic Gaming Commission (HGC) issued permanent licenses to fifteen gaming companies. The cost which licensed online casinos pay is a bit high at €2 million (US$2.15 million). But the industry continues to grow.
Spinomenal and Relax Gaming Receive Approval from HGC
A few weeks ago, HGC awarded Spinomenal, a prestigious iGaming developer, a manufacturer license in the country. That means the developer can lawfully collaborate with the licensed and operational gambling operators and those who intend to do so.
Spinomenal is already authorized in Malta and Romania. Also, in 2022 some of its SubTech & Panda Bluemoon brands were approved in the UK market. Moreover, several other countries have certified Spinomenal, including South Africa, Spain, Colombia, the Netherlands, and more.
Most recently, Relax Gaming, an award-winning B2B content provider, received approval from HGC and was granted an iGaming supplier license. Relax Gaming is behind renowned slot titles such as Dream Drop, Money Train 3, Temple Tumble 2, and more. It has over 4000 games in its collection, and following the approval, it will be providing its exciting slot games to authorized gambling operators across Greece.