Greek gambling regulator says black market stakes totalled €1.7bn in 2023
Data from the Hellenic Gaming Commission reports 10.4% of Greeks played with unlicensed firms last year, with almost a quarter solely betting in the black market
The Hellenic Gaming Commission has revealed that 10.4% of Greeks participated in illegal gambling at least once over the course of 2023.
The study, which involved 5,814 individuals across all 13 regions of the country interviewed between 4 January and 16 February 2024, shed light on just how prominent illegal gambling remains in the market.
While 76.1% of respondents claimed to have used licensed firms for online gambling, 23.9% said they exclusively used black-market firms.
Data from the operator also noted €1.7bn was staked with illegal firms last year, with €1bn online and the remainder via unlicensed, land-based operations.
On average, €1,194 was spent per player on illegal online gambling over the course of last year. Those who fall within the 35-54 age group spend the most on illegal online gambling, with that group staking an average €1,371.
Demographically, 68.5% of those who partake in gambling with unlicensed operators, online or land-based, are men, while those aged between 35 and 44 appear to be the most likely to do so, with that age group responsible for 28.1% of the overall stakes.
Breaking it down by vertical, sports betting is the most popular for those wagering with unlicensed operators, with 53% of all illegal bets, played mostly by 17 to 24-year-olds (77.4%).
Slot games accommodate for 34.6% of those illegal online wagers, with casino behind at 28.6% of the total of illegal online wagers.
The most popular reason provided when asked about the motivation for wagering with unlicensed operators was that either player identification is not required, or the identification process was significantly less strict than with a licensed operator, as cited by 48.4% of the study.
Also, 45.7% claimed that the fact winnings are not taxed was their primary motivation for turning to illegal operators.
Better bonuses and better odds offered were also popular reasons, with 41.6% and 41.2% of the study citing them as the standout factor, respectively.
Word of mouth appears to be how information spreads regarding unlicensed operators, with 58.6% of those involved claiming that was how they were introduced to illegal gambling, while 40.4% cited social media advertisements.
Finally, 60.9% of those participating in illegal gambling cited an inability to collect earnings and a lack of transaction guarantee as the biggest risk factor when wagering with unlicensed operators.
Dimitris Dzanatos, president of the Hellenic Gaming Commission, explained in the aftermath of the data’s release that a more “organised and methodical response” to the black market is required.