Sports Betting In Greece – Is it Legal?

There is a lot of confusion on the subject of gambling in Greece due to a series of restrictions that have been created over the years. However, today there are famous portals such as betopolis.gr that are very popular in the country and that are gaining more and more fame every day. So what can and cannot be done? This blog will tell you about Sports Betting In Greece – Is it Legal?  You will find out here.

Gambling Restrictions in Greece

The Greek civilization, more than two thousand years ago, was the first to bet on their favorite sports disciplines. Every four years, the ancient Greeks held the Olympic Games and bet on the winners of each Olympic discipline. Thus began a tradition that has continued to this day, making gambling popular with the population.

In short, casino gambling is legal. But things change a bit when it comes to online gambling. Around 2002 all forms of online gambling were banned and of course, this included sports gambling. But after the world economic crisis of 2008, Greece decided to change the measures on this. In 2011 the government of Greece started issuing licenses that allowed online gambling, so this was a great step and advance.

Currently, participating in sports gambling activities is a legal activity, however, both the betting company and the players must abide by various rules or regulations. First of all, online sports betting businesses must obtain a license that costs € 3 million and must be renewed every seven years. 

On the other hand, all players must be over 21 years of age to be able to bet. The minimum age in many other countries is generally 18, but if this requirement is breached in Greece the player or the betting business could be fined.

However, the situation for foreign companies is still very complex, since it is not so easy for them to be authorized to operate in Greece. An alternative that some sports betting sites have found is to establish themselves outside of Greece but still allow players from that country. This is an alternative that so far has not generated problems and has given good results.

Greece Online Gaming License

According to the Hellenic Gaming Commission, the registration process for new online gaming licenses is open and available to those who want it and registration can be done through the website of this Greek regulator.

Legal entities, shareholders, executives, manufacturers, technology providers, and certification bodies can register. If they want separate licenses, they will be available for online sports betting and other vertical sports that are virtual.

According to information from the bill that was approved in 2019, the 24 operators that received temporary licenses in 2011 were authorized to operate until March 31, 2020, so they need to register again. Licensees must pay a 35% gross income tax rate on games. There are conditions in the regulations for online casinos, with a maximum bet of € 2 on slot machines, in addition to prizes limited to € 5,000 and a limit of € 50,000 for jackpot games.

Current Situation

Despite the latest incentives, in recent months the gaming industry has experienced a drop in revenue that is attributed to the phenomenon of the COVID 19 pandemic. However, the gaming industry has still contributed a significant amount of revenue to the country. If not for the latest policies approved, the situation for Greece could be much more critical.

It is also worth mentioning that those betting businesses that offer more benefits to customers are preferred by the players. This means that by offering more advantages, the sports betting business can increase its profits by attracting more customers.

Betting Tips to Succeed in Greece

1. Play It Safe

By using a sports betting site you will surely find a lot of options that you can bet on, but the best thing you can do is bet on the sport you know. This way you will be able to use your knowledge regarding which are the best teams or players, foresee which may be the most probable results and thus have more chances to win. On the other hand, if you focus on a single sport you could also specialize in that area and thereby increase your chances of winning.

2. Don’t Just Rely On Luck

Each player has their own tricks. Some have a lucky number or simply trust a player more, but sports betting has a science that you can decipher. To make your predictions you can base yourself on statistical analysis, or relevant and available information that you find about the performance of a team or player. This way you will know what the most likely results are.

3. Avoid Venturing Into What You Don’t Know

This tip is for beginners. In a sports betting platform, you will find many ways to place a bet, but if you still do not understand them very well or do not generate confidence, it is best that you try the simplest schemes. Little by little you can start to venture into other more complex betting modes that can generate more profits.

4. Try Live Betting

This is a very exciting modality since you can bet or change your bets (following certain parameters) while watching the game. The biggest advantage of this is that you can step in if you feel like your bet is not doing well.

5. Have Clear Limits

Even if the possibility of winning seems very close and that makes you think about betting a large amount of money, never bet more than you would actually be willing to lose. Also, do not exceed your monthly budget and do not get carried away by your emotions. By being responsible when betting, you will ensure that this is always a safe and enjoyable experience for you.

In summary, sports betting in Greece is legal as long as it is carried out under the established parameters and laws. This industry is expected to continue to grow and more people to join in on this fun activity.