Greeks have spent a staggering 22.7 euros billion on online Gambling, agencies of the gaming firm OPAP, land-based casinos, lotteries and horse racing in the last eight months (January-August), according to figures from the Hellenic Gaming Commission (EEP).
More specifically, EEP data show that gambling companies “returned” 92.5% of the bets, meaning players lost €1.7 billion in the eight-month Period.
The total turnover of the gaming industry is up 28% compared to the same period in 2022.
Estimates suggest the sector (TGR), which has a significant contribution to tax revenues, will set a new record this year as the growth rate of online gambling is even higher, at 33% in the eight months.
Last year, Greeks had wagered €29.2 billion on gambling, a figure that stood at €16 billion in 2019. Online gambling occupies the lion’s share of TGR, showing, in the period January-August, a turnover of €17 billion, which has increased by 33% compared to the first eight months of 2022.
This increase in the total turnover of gambling is the result of the shift to online betting over time.
The 24 businesses operating under a transitional arrangement until they receive licenses in the summer of 2021 had a combined turnover of €2 billion in 2015.
This amount increased by more than four times (to 8.5 billion) in 2019, more than doubled to €17.5 billion in 2021 and then reached €21.3 billion in 2022.
The companies’ total gross gaming revenue (GGR), which is determined by deducting the profits assigned to the winning players from the amounts wagered, also shows an upward trend.
According to EEP estimates, GGR increased by 13% during this eight-month period to €1.7 billion from the same period in 2022. This year, GGR is predicted to reach €915 million.
Even so, not all “players” can profit from the gaming industry’s strong development. Based on 2021 numbers from the EEP, land-based casinos have accrued losses due to the shift to online betting, with half of them displaying negative equity because of high operating costs and the prolonged closure of businesses during the pandemic.
