The Greek population has considerable purchasing and spending gambling power compared to other regions in Europe and partly Asia. While this spending power hit two hurdles in the form of the financial crisis (2007) and Covid (2019), more Greek nationals are entering the sports betting market in Greece and globally, with the betting landscape industry developing more each year. OPAP or the Greek Organization of Football Prognostics is one of the world’s leading and biggest bookmakers. The only organization within Greece authorized to set bookmaking odds which has given OPAP a monopoly over the Greek betting market. For several years, popular bookmakers, both foreign and domestic, were unable to enter the country, leading to the rise of several black market casinos and online sportsbooks in Greece. It’s important to note that Greece is a part of the European Union, and countries in the EU have access to free trade agreements with each other.
Features Of Sports Betting In Greece
Some of the features of the sports betting market in Greece include the payment of taxes, limited competing sportsbooks, legal payments, compatibility, and access to multiple global betting markets.
One of the main drawbacks of less competition is punters suffer from a lack of choice or have to select what’s made available to them. This results in fewer choices of odds, betting markets, gaming options, bonuses, etc. However, Greek punters have access to other sports betting websites located outside the country online. As Greece changes its gambling laws to abide by the EU, bettors in Greece can expect more competitive odds, more features, and offerings at the click of a button.
Greece has some of the highest tax rates applicable on winning bettors across European nations with a 20% tax margin on winnings over 500 Euros. This rate was originally higher at 30% but was reduced in the last few years. All winnings under 100 Euros are tax-free to encourage small wager punters to make a bet without worrying about tax considerations. Individuals who choose a sportsbook outside the country need to calculate their winnings and pay taxes due to the Greek authorities.
Greece nationals prefer making deposits and withdrawals in Euros. Also, the Euro is one of the most accepted and used currencies (after USD). Most sportsbooks worldwide accept deposits and withdrawals in Euros which can be made through Visa, Mastercard, NETeller, Skrill, etc. Currently, punters looking to make payments using bitcoin have minimal options. Greek punters can use the Rescuebet platform to make payments using bitcoin or any other currency of preference to make sports betting wagers.
Punters have access to several betting markets globally but are restricted within Greece to multiple options only in popular sports such as basketball and football. Greek punters love betting on basketball and football and bet on other sports such as golf, hockey, volleyball, the Olympics, boxing, Esports, and more. Greek punters demand greater access as betting on these sports has grown considerably in the recent past.
While most Greek punters prefer using international sportsbooks and bookmakers, not all websites and services are compatible unless designed specifically for the Greek population. For example, simply translating a website is inefficient, and a lot can get lost in translation. Most international websites don’t design their sites for specific regions but rather translate their page, making betting inconvenient for Greek punters.