Top Casinos and Best Banking Options for Greek Players

Even though the cheeky monopoly seemed like a good idea, cracks soon began to emerge. The online gambling industry brought in only 60,000 EUR between 2013 and 2016. It didn’t take long for the HGC to realize they could make much more by loosening the grip over online casinos in Greece.

In 2019, the Greek Parliament passed an amendment to the 2011 Gaming Act, fully allowing RNG games and providing a framework fitting of an EU country. A year later, they submitted the new legislation to the European Commission (EC) for review. However, the International Betting Integrity Association (IBIA) still thought the new law was restrictive. Let’s take a look at the current laws on online casinos in Greece and see whether the IBIA has a point.

The Current State

The new law was passed in 2020 and brought various changes to online gambling in Greece. Read the full legal text for more details on specific situations, regulations and more. Here’s the crux of the current legislation and player requirements:

• Operators willing to obtain a license from the HGC have to pay a 2 million EUR fee. If the operator has been, for some reason, blacklisted by the Commission 12 months or less before the application, they’re automatically denied.
• The application fee is 10,000 EUR, while the minimum bank guarantee is 100,000 EUR, with an additional requirement of 200,000 EUR in liquid capital.
• Licenses last 7 years and must be renewed less than 365 days before expiration. Renewal fees apply. All license holders, both domestic and foreign, must pay a 35% tax on GGR. Operators and international organizations are persistent in their criticism of the HGC on this topic.
• Players must be over 21 to play at online casinos in Greece. Sites are required to ask for personal information and invoke KYC procedures if they deem fit. This includes a video call in addition to the usual ID/bank statement/utility bill scans.
• The maximum legal bet is 2 EUR, and the maximum profit per gaming session is 5,000 EUR. Jackpot wins are capped at 50,000 EUR. In addition, all operators must adjust slots so that the spin time is at least 3 seconds.

CBM thinks you should ideally play at online casinos in Greece that are licensed by the HGC. This doesn’t just guarantee protection and support in case of disputes, but localized games, as well. If an operator invests the time and funds to accept Greek gamblers legally, there’s a high chance they know what they’re doing.

Unfortunately, the reality is that this market is much smaller than many Western European ones. As such, there aren’t that many HGC-licensed sites. Instead, many operators from abroad choose to accept Greek players without applying for a license. Even though providing unlicensed gambling services is illegal according to Greek Law, law enforcement doesn’t have jurisdiction abroad. And besides, they don’t want to cause international disputes over such petty things.

That’s why brands like 888 Casino Greece are available. However, not every foreign site has the same level of quality. Players and experts agree that Malta, Gibraltar and the Isle of Man have the best regulatory bodies in Europe. The UK is no exception, either. If you’re playing a site that’s registered here, you can rest assured that it’s not a scam. Curacao and Costa Rica are nice alternatives, as well.

And now, the part you’ve all been waiting for – the most popular casino banking methods in Greece. Like with every market, we approached this one somewhat holistically. Instead of just looking at stats, we wanted to know more. So, that’s why we asked our readers and collaborators to tell us more about their experiences and impressions at gambling sites.

Of course, we also registered at every big online casino Greece and gave the most popular local payment methods a try. Throughout our reviews, we found that the following are the best deposit options for Greek players:

SmartPay

Licensed by the Bank of Greece, SmartPay is a favorite amongst Greeks for use in everyday life. This, obviously, makes it ideal for quickly funding your online casino account. The online casino will give you its SmartPay credentials when you start the deposit process. To complete it, go to a SmartPay cashier anywhere in Greece and fill out the form with both your and the operator’s data. Sign the receipt, pay any required fees, and wait for a direct confirmation that the money went through.

Twiga

This is an eWallet similar to Skrill and Neteller, with consumer P2P transfer being their main focus. It’s one of the rare payment providers that’s openly friendly towards gambles. Joining the platform is free, whilst users also get things such as a personalized debit card and an IBAN account. Players at reputable online casinos in Greece love them due to their security. Twiga is, believe it or not, one of the only deposit options to have its own separate KYC procedures.

Viva Wallet

In collaboration with the Bank of Greece, Viva Wallet developed some cutting-edge features. Business owners can just download the Viva POS and use a smartphone to receive contactless card payments. Online casino players will benefit more from the Personal Use features, such as your own IBAN account, along with both physical and digital debit cards. Up to 300 businesses and organizations allow you to pay bills with Viva, including OTE, DEI and Vodafone.

Iris

Iris is a banking gateway, similar in many ways to Canada’s Interac. It works by allowing users to perform online payments by logging in through the bank’s site and not the merchant’s. For instance, if you’re depositing at a new casino, only Iris will see your banking information. The only thing the site sees is a notification confirming your identity.

Nikos Dandolos, aka Nick the Greek, is perhaps the most famous Greek gambler of all time. Born in 1887 in Crete, his family sent him to the USA as a teenager. While their intentions were for the boy to get an education and travel, he became infatuated with gambling. First, he used his allowance to fund bets on horse races. After winning a lot of money in Montreal, he lost it all on card games in Chicago. Nick then mastered several variants of poker. His success culminated in a 4-month poker marathon between him and Johnny Moss in 1949. It’s said that this unique poker performance served as the inspiration for the WSOP.

Another name we mustn’t omit is Anargyros Karabourniotis, aka Archie Karas. Unlike Nikos, he wasn’t raised by a wealthy family. Born in 1950, Archie ran away from home at 15 and worked as a waiter on a ship before arriving in Portland, Oregon. Over time, he became a skilled poker player. However, in 1992, he managed to lose all but $50 of his $2 million bankroll. Instead of calling quits on gambling, Karas drove to Vegas and turned those $50 to $40 million by 1995.

Looking at the accomplishments of these two legends, it’s no wonder Greeks like online casino games so much. It’s not every day that you hear about improbable rises like theirs.