Sports betting in Greece is not only fully legal but extremely popular among locals, ranking as the second most widespread form of gambling in the country. Until 2011, the betting sector was closed to competition and subject to the control of OPAP (the Greek Organization of Football Prognostics), the only authorized entity at the time. To put it simply, the entire gambling industry, sports betting included, was under a state-run monopoly. In turn, this crippled competition, leaving Greek punters with a limited choice of legal sportsbooks.
Things have taken a more favorable turn for the local market since then. The Greek government recently made moves to re-regulate the online betting industry, with the local regulator, the Hellenic Gaming Commission, inviting betting operators to apply for permits under its new regulatory framework.
This is great news for local punters as it means a greater diversity of licensed betting sites to choose from. Continue reading for in-depth information on everything you need to know about sports betting in Greece.
Legalities of Online Sports Betting in Greece
Historical Betting Overview
Known as the birthplace of the Olympic Games, Greece boasts a long and rich history where sports and sports betting are concerned. Archeological evidence suggests the locals wagered on the Olympic events, with many historians believing these are some of the earliest records of betting on the outcomes of sports.
The modern history of sports wagering in Greece started with the launch of OPAP back in 1958. Initially owned by the state, this entity had a monopoly on all types of gambling, sports betting included. In the fall of 2013, the Greek government sold its stake in the company for €622 million and OPAP officially became a private entity.
Nonetheless, the organization retained its monopoly on betting in the country, provoking criticism on behalf of the EU. The EU Court of Justice determined the monopoly held by OPAP was against the law as it violated the EU principles of free-market competition. Greece’s Supreme Court was of a different opinion, though.
EU pressure eventually led to the government’s decision to open the local online market to foreign operators in 2016. Nothing happened over the following four years, however. The license application process finally commenced in 2020, which led to the issuance of the first round of fifteen permits by the Hellenic Gaming Commission (HGC) in the summer of 2021.
What You Need to Know About Sports Betting in Greece
As we previously mentioned, the country initially decided to open its betting market in 2011. At the time, the Greek legislature amended the law to allow for regulated online betting and gambling. Following this decision, the government issued operating permits to 24 gambling companies, with Betsson and William Hill being among the first brands to legally penetrate the local market.
One year later, the government had a sudden change of heart after the country’s Ministry of Finance hit on the brilliant idea to maintain the monopoly of OPAP, which was still owned by the state at the time. As a result, the remote operators that had previously received permits had no other choice but to exit the local market.
Things changed favorably at the beginning of 2020 when the Ministry of Finance provided a draft outlining new regulations to the European Commission. These regulatory changes allowed the 24 companies that had received temporary permits in 2011 to continue servicing Greek customers until March 2020 and apply for license renewal afterward. Nevertheless, OPAP will retain the monopoly on landbased casino gambling till 2030.
The local regulator, the Hellenic Gaming Commission, maintains a blacklist of all betting companies that lack authorization to legally operate in Greece. Greek bettors can visit the regulator’s website for the full list which undergoes regular updates. Those who have the necessary authorization must contribute taxes on the revenue they generate from the local market.
Bettors’ gross profits are also subject to withholding taxes under the new legislation provided they exceed €100. The tax rates for profits between €100.01 and €500 stand at 15%, reaching 20% for amounts exceeding €500.
Odds Format in Greece
Greece-friendly sportsbooks tend to quote odds in decimals as this format is commonly preferred by punters from the country. The biggest advantage of decimal odds is that they are simple to understand, especially compared to the fractional format. They designate the profits you can expect from a given wager if it wins.
For example, suppose a bookie offers a price of 2.85 for Atromitos to beat Panetolikos head-to-head. This means punters will get €2.85 for every €1 they wager, but the amount includes the initial stake. You can easily calculate your overall returns if you multiply your stake by the decimal odds. To continue with the example, we shall assume you decide to back Atromitos with a €5 wager.
If the team wins, you will collect a total payout of €5 x 2.85 = €14.25. Respectively, your gross profit will amount to €14.25 – €5 = €9.25. Greek sports fans who prefer to punt using fractions can switch to this format from their accounts’ settings. Most Greece-friendly sports support both fractions and decimals.
Greece Betting Laws and Legislation
Law 4002/2011 is the primary piece of legislation that governs gambling activities in Greece, sports and horse race wagering included. This legislative act covers various aspects of betting, including commercial communications, consumer protection, and the tax rates imposed on authorized operators. Additionally, its passage led to the establishment of the Hellenic Gaming Commission, mandated with the regulation and compliance oversight of the Greek gambling industry.
Back in 2019, Law 4635/2019 introduced several amendments to the 2011 legislative act, bringing in key changes related to online betting. The current legislation relies on an open licensing process rather than lodging public tenders for interested operators to go out to. Online bookmakers must apply for and receive a Type A license for online betting before they can legally accept wagers from Greek punters.
Ministerial Decision № 79835/06.08.2020 outlines all particulars regarding the application process and the necessary paperwork for online betting operators. The HGC normally requires up to two months to issue the permits of approved companies after they submit their documents. If the regulator fails to reach a decision within this period, this most likely means it has rejected the applicant.
Licensees must store all betting information on servers located in the country. Each online betting license has a duration of seven years from the date of issuance. Applicants must reapply for a license renewal at least one year prior to their permits’ expiration. Applying operators must provide proof they have a capital of €200,000 or more and pay a bank guarantee of €100,000.
The application fee itself stands at €10,000, whereas the license fee costs €3 million for online sports betting and €2 million for other forms of online gambling. The tax rate for licensed sports betting operators is one of the highest in Europe and is set at 35% of their gross gaming revenue. The government withholds 30% of the horse race wagering revenue and uses it for social purposes.
Greece Betting Restrictions
Greek punters can legally wager at online sports that carry the stamp of approval of the Hellenic Gaming Commission. According to the new legislation, a Greek national can have a flutter at authorized bookies as long as he or she is at least 21 years old. What is interesting, though, is that this minimum age limit is higher than that for the OPAP monopoly, which used to take wagers from everyone over 18 years old.
Wagering on credit is expressly prohibited in the country. Certain restrictions are in place when it comes to the advertising of sports betting companies. Under Law 4002/2011, the authorities tolerate such marketing activities, but only on condition the advertising companies achieve a high level of consumer protection. Local legislation prohibits advertisements that actively encourage betting participation or present gambling in a positive light.
Licensed operators must actively encourage responsible betting as well, providing information about services that help persons who suffer from gambling addiction. Greek law requires all financial transactions related to online betting to go through payment processors and financial institutions established either in Greece, or in other member states of the European Economic Area. Debts incurred through sports betting or other gambling forms are not enforceable under Greece’s Civil Code.
Online Betting Regulatory Body in Greece
Sports betting in Greece is subject to the regulation of the Hellenic Gaming Commission (HGC). Founded in 2004 under Law 3229/2004, the HGC is an independent entity that supervises all forms of gambling in the country. The regulatory body consists of nine members selected by the Greek Minister of Finance. One of its primary tasks is to draw up and enforce three-year action plans that aim to improve its functioning.
Apart from supervising and auditing authorized betting operators, the HGC is responsible for issuing their operating licenses. The regulator demonstrates a commitment to preserving the interests of bettors, underaged individuals, and the public as a whole. It also deals with the collection of the taxable betting revenue on behalf of the Greek state.
The Commission has its own legal personality and observes for compliance with the responsible gaming principles licensees must follow. Last but not least, the entity monitors the implementation of the anti-money laundering (AML) policies in the country under the Hellenic Anti-Money Laundering and Terrorist Financing Law (Law 4557/2018).
Popular Betting Markets in Greece
In Greece, soccer beats all other sports in terms of popularity by a wide margin. The country has so far qualified for the FIFA World Cup a total of three times (1994, 2010, and 2014), but its most remarkable achievement is beating Portugal with a score of 1:0 in 2004. The Greeks subsequently won Euro 2004, a moment in history fans from the country continue to describe as magical to this day.
Unsurprisingly, Greece-friendly online sportsbooks offer tons of betting action on soccer events. Greek punters can have a flutter on their local Super League 1 or choose from a wide range of international competitions like the UEFA Europa League, the FIFA World Cup, and the Champions League.
International friendlies are also readily available to soccer fans from the country. Greece sportsbooks allow for various markets and bet types, including Result 1×2, Over/Under, Double Chance, Both Teams to Score, Draw No Bet, Next Goal, and Correct Score.
The country’s national basketball team lifted the trophy in the 1987 and 2005 EuroBasket Championship. The following year the Greeks crushed the USA at the semifinals of the FIBA World Cup. These victories helped catapult the popularity of basketball in the country and it remains the second most-watched and bet-on sport to this day.
Online bookies that target the local market offer dozens of options to fans of the hoop sport. Betting action is available on the local Greek Cup as well as on other major leagues and competitions like the Euroleague, the Eurocup, the FIBA Champions League, and the VTB United League. The NBA receives massive coverage, with some of the most popular markets being the Winning Margin, Points, To Win Both Halves/Quarters, 1st Half, and 1st Quarter.
Volleyball ranks third among Greek punters and sportsbooks are more than happy to cater to this demand. Betting action is available on the A1 Ethniki, one of the best volleyball leagues in Europe. Green sportsbooks additionally allow locals to punt on international leagues like MEVZA. Numerous markets are on offer but some of the most common options include the 2 Way, Team to Score Most Points, Set Winner, Total, and Handicap Points.
As the birthplace of the Olympics, the Greek capital Athens has hosted the Games of the Olympiad twice, in 1896 and 2004. Athletics remain hugely popular among local bettors, who face plenty of betting markets for major international competitions like the Summer Olympics. The Gold Medals and the Total Medals are some of the most straightforward markets punters can bet on.
Perhaps you will find it surprising, but water polo is huge in Greece. The Greek women’s national water polo team earned the gold at the 2011 FINA Championships and the 2018 Europa Cup. The aquatic sport sees a good deal of betting action in the country, with Greece sportsbooks covering events from the LEN Champions League and the LEN Euro Cup, among others.
Popular Betting Markets in Greece Summary | |
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Sport | Leagues |
Soccer | Greek Super League, Champions League, UEFA Europa League, World Cup, Premier League, La Liga, Bundesliga, Ligue 1, Eredivisie, Serie A, Primeira Liga and more |
Basketball | Greek Cup, Euro Cup, Euro League, NBA, FIBA Champions League |
Volleyball | PlusLiga, A1 Ethniki, Extraliga, MEVZA |
Athletics | Summer Olympics (Games of the Olympiad), Winter Olympic Games, World Athletics Championships, World Athletics Continental Cup, European Athletics Team Championships |
Water Polo | A1 Ethniki, LEN Euro Cup, Serie A1, LEN Champions League |
Greece Online Betting Bonuses
The best online sportsbooks reward punters from Greece with various bonuses, starting with a sign-up offer. It normally comes in the form of a free bet or a percentage-based welcome bonus on the first deposit. Some would even use a combination of the two to entice customers and win them on board.
Percentage-based welcome offers are rather straightforward. Exclusively available to newly registered punters, they usually have a minimum deposit requirement. New customers who opt in for the welcome offer and deposit the minimum amount required (or more) have their first payments matched at a given percentage.
Many Greece-friendly bookies offer 100% matches, so if you deposit €10, you get another €10 for a total of €20 to bet with. The only downside of such offers is that they have a rollover, also known as wagering requirements or turnover. Eligible punters must wager their bonuses a given number of times before they can cash out their winnings.
Customers normally have to wager the bonus and the profits they have accumulated within the promotional period. Otherwise, the bonus will expire and the sportsbook will forfeit it irrevocably from your balance. Each new punter can receive no more than one sign-up bonus.
Free bet bonuses are different in that they require you to deposit and then bet a specific amount on eligible markets, meeting the minimum odds requirements outlined in the promotional terms. The sportsbook will credit the free tokens to your account once the qualifying wager settles. You must again use the free bet before it expires. The free tokens are intended solely for betting purposes and you can withdraw only the accumulated winnings but not the free bet itself.
The best Greece sportsbooks treat their regular customers to odds boosts, whereby they are eligible for higher payouts on specific wagers like point spreads, totals, and the moneyline. The bookie reduces the vigorish and uses the odds boosts to highlight major sporting events for a specific day. During these limited-time promotions, customers receive boosted payouts only on condition their boosted bets win.
Many online betting sites would also offer percentage-based cashbacks on the daily or weekly net losses Greek punters have suffered. Bookies tend to credit the cashbacks as free bets you can use on qualifying sports and markets.
The acca insurance is similar in that you get some of your money back if one selection of your parlay fails you. To take advantage of the insurance, you typically have to build a parlay with at least five selections, but the exact number is site-specific. Minimum stake and odds requirements are in place for each selection.
Punters have to opt in for the insurance before they start building their parlays. There are restrictions on the maximum number of refunds each customer can redeem per day. Minimal risk betting is strictly prohibited across all of the above-mentioned promotions.
Mobile Betting in Greece
The best sports betting sites available in Greece strive to deliver a seamless experience across all devices, including modern smartphones and tablets. Some bookies launch native applications Greek punters can download at no cost from app distribution platforms like Google Play and Apple’s App Store. However, the system requirements differ from one mobile sportsbook to another.
Others rely exclusively on the HTML5 technology, offering web apps you can access in your browser. When you load one such sportsbook, your browser will automatically redirect you to its mobile version, eliminating the necessity of installing any additional software. With that in mind, we would like to warn you that native applications tend to outperform their browser-based counterparts, often boasting shorter loading times and smoother overall performance.
A good betting app does an excellent job at replicating all the main functionalities of a desktop sportsbook, allowing mobile users to bet without any limitations. The apps give you access to various in-play and pre-match markets. You can build parlays, redeem bonuses, contact customer support, and fund your balance with great ease.
Many mobile sportsbooks also enable you to take advantage of the early cashout feature available to in-play bettors. With its help, you can lock a payout before an event is over or use it on losing tickets to curb your losses.
Popular Betting Banking Methods in Greece
Greek punters face a diverse enough range of banking methods, starting with the commonly accepted debit/credit cards. Visa and Mastercard are some of the most popular options among punters from the country. Greeks commonly prefer them because they are familiar, broadly available, and easy to work with. Some bettors opt for using credit over debit cards since the former allow for transaction reversals in cases of fraud.
The popularity of digital wallets has grown tremendously among Greek bettors in recent years, with some of the most common brands being Neteller and Skrill. Available in multiple currencies, both facilitate instant deposits and time-efficient withdrawals. Most bookies do not charge fees on payments conducted with these methods, which is yet another advantage. The only drawback here is that you must set up an account in advance and then link it to a card, another wallet, or your online banking account.
Some betting sites work with Viva Wallet, a cloud-based neobank that originated in Greece. The method relies on the Microsoft Azure cloud computing service and has launched branches in over twenty other European countries. There is also the option to connect your Viva Wallet card to Apple Pay so that you can authenticate your transactions with facial and fingerprint recognition. HGC-approved sportsbooks also allow for payments initiated via the well-known e-wallet PayPal.
Recreational bettors who wager occasionally for small amounts can take advantage of Paysafecard, the popular prepaid solution. Each Paysafecard voucher has a unique 16-digit code, which is the only thing you need to initiate a deposit. Greek punters can purchase vouchers in different denominations and combine them for larger payments. You can buy them at retail locations or online from the comfort of your home. The method is not always available for withdrawals, though.
Other alternative banking solutions available to Greek punters are SmartPay and the direct bank transfer. While suitable for high rollers due to their higher transaction limits, bank transfers are hardly the most time-efficient way to process betting-related payments.
Deposits with this method normally require up to five business days, while the timeframes for withdrawals can reach seven to ten days. Depositing at OPAP landbased sportsbooks is also possible if you bet with locally licensed sportsbooks like Pamestoixima.gr.
Popular Banking Methods in Greece | |||||
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Payment Method | Fees | Deposit Limits | Deposit Times | Withdrawal Limits | Withdrawal Times |
Visa | Varies across sportsbooks | €5 to €40,000 | Instant | €10 to €30,000 | Up to 5 business days |
Mastercard | Varies across sportsbooks | €5 to €40,000 | Instant | €10 to €30,000 | Up to 5 business days |
Paysafecard | Free | €5 to €1,000 | Instant | €5 to €2,500 | Up to 24 hours |
Skrill | Free | €5 to €35,000 | Instant | €10 to €10,000 | Up to 24 hours |
Neteller | Free | €5 to €35,000 | Instant | €10 to €50,000 | Up to 24 hours |
Viva Wallet | Free | €5 to €35,000 | Instant | €10 to €10,000 | Up to 24 hours |
PayPal | Free | €5 to €8,000 | Instant | €10 to €8,000 | Up to 24 hours |
SmartPay | Free | €5 to €150 | Instant | N/A | N/A |
Bank Transfer | Varies across sportsbooks | €100 to €150,000 | Up to 5 business days | €10 to €50,000 | Up to 10 business days |
What To Watch for When Picking Greece Betting Site
You can use our shortlist of the best Greek betting sites to narrow down your alternatives or conduct your own research. If you opt for the latter, you should start by ensuring the bookies you are interested in accept registrations from Greece. Such information is typically available in the terms and conditions, but you can always inquire with the support staff if you fail to find it. It is preferable to pick a site with a license from the Hellenic Gaming Commission, although some Malta-licensed bookies also welcome punters from the country.
The supported currencies and payment methods are also worth checking out. Greeks should seek sportsbooks that accept the EUR and work with banking solutions accessible in the country. Some of these include Paysafecard, Skrill, Neteller, Viva Wallet, and SmartPay. Look for short processing times on withdrawals and fee-free payments.
Authorized betting sites are normally accessible via designated .gr domains, allowing Greek customers to load the sportsbooks in their native language. Local bettors should also look into the promotional incentives available at their chosen website. Checking the promotional terms is equally important. It will allow you to draw comparisons and pick the sportsbooks whose bonuses give you the most value.
We also recommend you test the bookies’ mobile apps to ensure they run effortlessly on your portable device. Compare the odds across several sportsbooks to select the one that offers the sharpest prices.
Market diversity is another thing to observe – good betting sites usually cater to their customer base with extensive coverage of both popular and niche sports.
Last but not least, you should try the customer support service. Preferably, they should service you in your local Greek language. Unresponsiveness and lack of professionalism speak volumes about a brand’s overall attitude toward customers.