Greece’s Gambling Market Hits €3.07bn as Online Growth Accelerates and Tax Pressures Loom

Greece’s regulated gambling market delivered gross gaming revenue of €3.07 billion in 2025, marking a 6.7% increase compared with the previous year, with online gambling continuing to strengthen its position as the market’s fastest-expanding segment. The figures, published in the Hellenic Gaming Commission (EEEP) Newsletter #36 on 31 March 2026, underline the extent to which digital channels are reshaping the structure of the Greek market while policymakers prepare for significant fiscal and regulatory changes.

Online gambling revenue climbed 11.7% year-on-year to €1.19 billion, representing 38.8% of all market GGR. The continued rise in digital revenue reflects sustained migration from retail channels to online platforms, fueled largely by mobile usage and growing engagement with online casino products. EEEP identified online casino as the most active vertical among Greek consumers, a finding that directly influenced the government’s decision to focus forthcoming tax increases specifically on that segment.

Land-based casinos also recorded gains, producing €268 million in GGR, approximately 6% above 2024 levels. OPAP remained the dominant force in the market, generating €1.49 billion through its retail agencies and VLT estate. Lottery revenue, by contrast, edged slightly lower, slipping to €114 million from €116 million a year earlier. Meanwhile, OPAP completed its merger with Allwyn in March 2026, creating what is now the world’s second-largest listed lottery operator.

For additional context, OPAP’s standalone 2025 results showed GGR of €2,407.9 million, up 4.9% and representing a new record, although rising operating expenses placed pressure on EBITDA margins.

Traffic data drawn from web analytics providers including SimilarWeb and Ahrefs provides a parallel view of competitive positioning in the online segment. These figures represent estimated monthly visits to licensed Greek-market domains, with each visit defined as a user session regardless of page depth. While directional rather than audited, the data provides a useful measure of consumer attention when considered alongside licensed revenue figures.

Domain	Visits	Mobile Share	YoY
stoiximan.gr	14.82M	73.95%	↑3.41%
novibet.gr	10.4M	85.29%	↑8.9%
bet365.gr	6.85M	88.47%	↓2.31%
betarades.gr	2.3M	90.34%	↑4.65%
winmasters.gr	1.67M	87.94%	↓3.12%
bwin.gr	1.52M	86.34%	↓10.64%
foxbet.gr	1.36M	84.85%	↑4.6%
interwetten.gr	1.03M	94.10%	↑18.52%
netbet.gr	977.79K	93.82%	↑26.9%
vistabet.gr	848.09K	90.59%	↑16.3%
sportingbet.gr	672.93K	87.82%	↓21.58%
opap.gr	391.39K	80.23%	↓12.3%
bethome.gr	386.43K	88.43%	↑6.89%

Stoiximan retained a commanding lead with 14.82 million visits and annual traffic growth of 3.41%, ahead of Novibet at 10.4 million visits, which recorded 8.9% growth and the strongest momentum among the top three operators. Bet365 remained in third place with 6.85 million visits, though traffic declined by 2.31%.

Mobile usage patterns were particularly striking, with every operator in the sample deriving more than 73% of visits from mobile devices. Interwetten reached 94.10% mobile traffic, while NetBet recorded 93.82%, and both operators also delivered some of the strongest growth rates in the group, rising 18.52% and 26.9% respectively. Those gains contrasted sharply with declines at more established brands, including Sportingbet, down 21.58%, and bwin, down 10.64%. OPAP’s own digital domain fell 12.3% to 391,390 visits, reinforcing the extent to which the operator remains anchored to retail and VLT distribution.

Monthly Traffic Graph (Millions of Visits)

Stoiximan     | ██████████████████████████████ 14.82
Novibet       | █████████████████████ 10.40
bet365        | ██████████████ 6.85
Betarades     | ████ 2.30
Winmasters    | ███ 1.67
bwin          | ███ 1.52
Foxbet        | ██▉ 1.36
Interwetten   | ██ 1.03
NetBet        | ██ 0.98
Vistabet      | █▊ 0.85
Sportingbet   | █▌ 0.67
OPAP          | ▉ 0.39
Bethome       | ▉ 0.39

The competitive landscape reflected in those figures has unfolded alongside two major corporate developments. Allwyn completed its full combination with OPAP in March 2026, resulting in a listed entity valued at roughly €16 billion, with Allwyn holding a 78.5% stake in the combined group. Separately, Allwyn’s effort to acquire a 51% stake in Logflex MT Holding, Novibet’s parent company, collapsed in March 2026 after intervention from the Hellenic Competition Commission.

The HCC concluded the transaction threatened to weaken competitive pressure in the Greek online market, stating that “Novibet had been the only operator capable of mounting a sustained challenge to OPAP’s market leadership since 2021.” With the deal terminated and Allwyn fully in control of OPAP’s retail and online operations, Novibet enters 2026 as the market’s principal independent challenger, a position supported by its traffic performance.

The EEEP data also highlighted the growing contribution of gambling to public finances. Government revenue from operator licensing reached €696 million in 2025, while taxation on player winnings generated a further €463 million, representing a 16% increase.

Those figures are expected to rise further when new tax rates come into force on 1 July 2026. Under the revised regime, tax on player winnings between €100 and €500 will increase from 15% to 20%, while winnings above €500 will be taxed at 30%, up from 20%. Sports betting is excluded, with the changes focused specifically on online casino products due to their higher activity levels. Both increases are permanent.

The government expects the changes to generate approximately €100 million in additional annual revenue, though the commercial implications for operators remain significant. When taxes on player winnings rise, operators often absorb part of the impact to protect effective return-to-player levels and preserve competitiveness, even where the tax is formally imposed on customers.

At the same time, the government is intensifying efforts to curb illegal gambling. In February 2026, legislation was introduced to amend Article 52 of Law 4002/2011, providing for prison terms of up to ten years and fines of up to €800,000 for unlicensed operators. New penalties were also introduced for influencers and affiliates promoting illegal gambling sites.

The legislation was presented to Cabinet on 26 February 2026 by Minister of National Economy Kyriakos Pierrakakis. The crackdown is rooted in EEEP estimates that illegal gambling deprives the regulated market of approximately €400 million in annual tax revenue, while separate estimates place total illegal market turnover at €1.67 billion.

Regulators are attempting to contain a risk that cuts in both directions. A 2024 study identified Greece as one of Europe’s most expensive gambling markets on a per-player basis, while research cited by the regulator found a meaningful proportion of players would consider shifting to unlicensed operators if the cost of regulated gambling rises materially.

That concern has taken on greater urgency as online gambling now accounts for 38.8% of total market revenue and continues to outpace every other segment. Greece is increasingly becoming a live test of whether higher taxation, stricter enforcement, and channelisation objectives can coexist. Both the July tax increases and the new criminal penalties are scheduled to take effect before the end of 2026, making the coming year a critical period for operators, regulators, and investors alike.

By fLEXI tEAM