The Hellenic Gaming Commission (HGC), Greece’s national gambling regulator, has confirmed plans to review the casino market. The decision follows concerns raised by the Ministry of Finance regarding declining tax revenue from licensed gambling operations. Officials have been proactively monitoring black-market activities, and plans are underway to dismantle offshore gambling operations targeting Greek consumers.
Greek Gambling Regulator to Review Casino Market Following Declining Tax Revenue: Key Insights
- Greece’s Ministry of Finance has flagged a constant decline in gambling tax receipts since the legacy concession-based licensing framework was replaced by the transferable individual casino licence model in 2018.
- Key emphasis will be placed on amending the gambling legislation to ensure long-term sustainability for land-based casinos, while taking into account growth in online gambling and casino tourism markets since 2018.
- The HGC’s findings will be presented to the Ministry of Finance, and the new framework is scheduled to take effect in spring 2026. The regulator aims to crack down on the illegal gambling market, the estimated worth of which is €1.6 billion.
Regulatory Reforms for Land-based Casinos on the Cards
The Hellenic Gaming Commission has announced that it will launch a “comprehensive assessment” into Greece’s casino market. The measure is part of a wider initiative to identify the root cause behind faltering tax revenue from the licensed land-based gambling sector.
Greece’s Ministry of Finance has, on several occasions, raised concerns about faltering tax revenues. The popularity of online casinos in Greece has been increasing for some time. Experts believe this has come at the expense of land-based casino gaming. Studies show that revenue from the individual licensing model has been lower than projected.
Antonis Vartholomaios, Chairman of the ECG, confirmed that the market review is part of the government’s wider efforts to establish a modern and sustainable regulatory framework, complementing the structural evolution of the Greek online gambling market and established global best practices.
The review aims to establish a modern and sustainable framework that captures both the structural evolution of Greece’s gambling market and international best practices.
The market assessment will enable authorities to identify and bridge gaps in the current legislation, ensuring a sustainable future for licensed land-based casinos. The updated regulatory model will be designed with Greece’s online gambling and casino tourism sectors in mind.
Vartholomaios continued:
The project will focus on upgrading the current regulatory framework for sustainable land-based casinos, taking into account new market dynamics shaped by online gambling growth and integrated resort developments since 2018.
The HCG will share the findings of the review with the Ministry of Finance, and the reformed regulations are expected to take effect as early as spring 2026. The Chairman agreed that local casinos have struggled to survive in the era of online casinos, although larger brick-and-mortar casinos offering a wider game selection have demonstrated greater resilience.
Vartholomaios observed that traditional casinos have been struggling to compete with their online counterparts, although integrated resorts have fared relatively better. The regulator views upcoming resort casinos, such as Hard Rock Hotel & Casino Athens and Project Voria, as “critical to changing the face of Greece’s gaming and tourism sector.”
Vartholomaios noted:
Everything in terms of the traditional casino concept is coming under huge pressure. Integrated resorts deliver a more resilient business model that combines gaming with tourism, leisure and cultural amenities.
Individual Licensing Model Behind Declining Tax Revenue
The last significant reform to Greece’s Gambling Act was in 2018, when lawmakers replaced the concession-based framework from the 1990s with the transferable casino licence model currently in place. The ECG implemented the updated legislation, hoping to attract foreign investments, improve operational transparency, and align with the European Union’s Anti-Money Laundering (AML) and fiscal guidelines.
The law introduced two new licensing categories: Class A for large-scale integrated resorts and Class B for smaller casinos. Operators could apply for personalised licences instead of state-approved regional concessions. A new tax model was also introduced, where both Class A and Class B licensees would have to pay 20% of their annual Gross Gaming Revenue (GGR) to the state.
While the system helped attract new investments, it fragmented the traditional casino landscape, leaving smaller regional operators to fend off inflation and competition from online casinos. Greece’s Ministry of Finance has been highlighting declining tax revenue for several years now. The government has ordered the latest review to identify the root cause behind the drop and find a solution.
Although gambling tax revenue in Greece has increased over the years, thanks to online gambling, revenue from land-based casinos has been steadily declining. Brick-and-mortar casinos account for 10% of the annual tax revenue compared to 30% a decade ago. This reflects the dire condition of the sector, with smaller casinos shutting down operations and players switching to online gambling platforms.
The government has entrusted the Hellenic Gaming Commission with identifying ways to revive small local casinos, improving tax revenue, and ensuring future projects, including integrated resorts, generate measurable revenue for the state. The government is also taking proactive measures to prevent unregulated gambling operators from targeting Greek consumers.
The Ministry of Finance had previously vowed to dismantle the black-market gaming sector in Greece, which is estimated to be worth around €1.6 billion annually. Officials believe the state coffers lose €500 million annually in tax revenue to unlicensed gambling companies. The government plans to introduce a legislative package, following which internet cafés and private clubs facilitating illegal gambling will be shut down immediately.