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The rising influence of the black market has drawn the attention of Greece’s autonomous administrative body in charge of regulating games of chance: the Hellenic Gaming Commission (HGC/EEEC). Dimitris Dzanatos, president of the HGC, gave the warning during the 27th Economist Conference, which had as its theme “Online Gaming: Prospects, Challenges, and Responsibility.”

The Financial Impact and Need for Collaboration

Dzanatos emphasized the seriousness of the problem and the fact that large quantities of money are being wagered through unlicensed operators. Along with causing large financial losses, this illegal activity has unfairly disadvantaged legitimate bookmakers and gaming companies. Dzanatos emphasized the need for a more planned and deliberate response to tackle this problem, highlighting the necessity to protect the legal gaming industry from the hazards connected with the black market.

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Dzanatos suggested working together with independent authorities, government officials, and gaming service providers, according to the HGC’s statement. The purpose of this partnership is to address the societal implications and issues that uncontrolled gambling poses, as well as to encourage safe gaming habits.

The Hellenic Gaming Commission has been aggressively working toward this goal and cultivating alliances with comparable gaming regulators around Europe. They are working together to fight the illegal market through the Gaming Regulators European Forum.

President Dzanatos made a noteworthy revelation when he revealed that the size of Greece’s online gambling industry has more than doubled in the last five years, from €437 million ($463 million) in 2019 to €889 million ($942 million) in 2023.

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In May, the government changed many important regulations to improve the environment for online gaming. These changes involved lifting the €2 ($2.14) wager cap and increasing the maximum slots jackpots. These changes came about as a result of a thorough Year 1 analysis of the nation’s reopened gaming sector.

With 15 licenses for gaming and gambling in effect right now, Greece is home to companies like Spinomenal, which was granted an A1 manufacturer suitability license earlier this year. In 2021, the nation adopted an upgraded industry framework.

To further improve the regulated gaming experience, the HGC also started talking in August about perhaps implementing a self-exclusion registry, unique player cards, and special studio areas for live casino dealers.