PAYMENT METHODS AND ONLINE CASINOS IN GREECE
Top Casinos and Best Banking Options for Greek Players
Γεια σας! At Casino Banking Methods, we pride ourselves on taking a localized approach towards each market. And Greece is no exception. At first glance, there is a decent number of sites licensed directly by the Hellenic Gambling Commission (HGC), better known as Επιτροπή Εποπτείας και Ελέγχου Παιγνίων.
However, the full scope of the market is revealed when you also take offshore sites into consideration. Then, it’s no wonder why more and more brands are directing their attention to the Cradle of Democracy.
According to the 2019 Gambling Market Statistics Report by the HGC, the total gaming revenue from online casinos was 8.5 billion EUR. That’s 53% of the cumulative 15.9 billion EUR TGR. Such rapid development occurred due to a multitude of factors, including new payment methods and other useful tools. Today, we’ll cover all that to help you prepare for playing at the best online casinos in Greece.
In addition to our top rankings, we’ll also discuss the most popular casino banking methods in Greece, along with details about laws, taxes and much more. Once you’re done reading, you’ll be able to have a strong start and enjoy the best Greek gambling sites have to offer. But this isn’t your average guide, though.
We’ll explain everything in detail so that our readers can ‘jump into’ Greek casinos straight away. To spice things up, we’ll take a look at the winder market, including land-based casinos in Greece and the country’s most famous gamblers. If you have any questions, the CBM team is always at your disposal.
Best Greek Online Casinos
To fully experience top-rated casino banking methods, you need to aim for the absolute best places to try them out. With the hands-on role the Hellenic Gambling Commission is taking on, there’s a lot of activity in the Greek online casino market.
This means new sites are joining the fold rather regularly. CBM’s team of experts always follows launch news, promotions and even new games being added. We then play at the casinos anonymously, testing every nook and cranny. If the whole panel is satisfied, it contends for the title of best online casino Greece.
So without further ado, here are our rankings of the best online casinos in Greece. Pick a few, take a look around and enjoy yourself. Good luck.
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Top Casino Banking Methods in Greece
If you want to play at the best Greek online casinos properly, you need fast and secure payment options. CBM reviewed a number of payment providers used at casinos. After some deliberation and a series of comparisons, we decided that these are the top casino banking methods in Greece. Read our reviews and find the best casino bonuses at reliable sites.
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Laws and Regulations on Online Gambling in Greece?
Staying informed is the most important thing when looking for an online casino Greece to play at. Some would say it’s strategies or bonuses, but CBM disagrees. And by informed, we also don’t mean just about the site itself. We’re talking about laws on online gambling Greece. Before you choose one of our top picks, pay attention to this section to know what you can and cannot do. Let’s start with some historical context first, εντάξει?
History of Laws on Online Casinos in Greece
The Early Days
When the first online casino Greece appeared, people immediately loved this innovation. Unfortunately, the Greek government saw iGaming as a potential breeding ground for organized crime. Instead of developing a regulatory framework, they thought outright prohibition was the cheaper and easier option. Thus, online casinos in Greece were banned in 2002.
However, the Hellenic Gaming Commission couldn’t do anything about foreign operators accepting Greek players. If the company is registered and licensed elsewhere, they don’t have jurisdiction over them. With that in mind, sites of varying qualities entered this grey market. Everything changed with the 2008 economic crisis, which saw Greece amongst the hardest-hit countries.
Due to a severe lack of money, the Government made a U-turn and reconsidered its hardline stance on online gambling in Greece. In 2011, the Gaming Act was passed. It effectively repealed the 2002 one, defining things such as online casino Greece and providing a framework. Effectively, the HGC was allowed to grant temporary licenses. Many casinos applied but quickly exited the market due to the preferential status of state-owned OPAP.
From Monopoly to Normalization
The Οργανισμός Προγνωστικών Αγώνων Ποδοσφαίρου, or OPAP in short, was favored extensively, making them the only online casino Greece. Even though other sites were allowed to operate, they had to pay a 30% tax on GGR, from which OPAP was exempt. Some operators even sued the HGC at the European Court of Justice and won.
Despite the judge imposing a fine in excess of 10 million EUR per year before the situation is fixed, Greece was happy with the ‘deal.’ The profits from OPAP far exceeded any fine European courts could impose on them. In 2013, the Government was so cash-strapped that they decided to sell 33% of OPAP for 650 million EUR.
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.
Are You Required to Pay Taxes on Winnings?
Greek legislators seem to be constantly on the fence when it comes to changing existing gambling laws. This is especially true when it comes to taxation, with both players and operators urging the Greek Government to reduce their respective tax fees. There were talks of a new casino bill coming in 2020, which would include tax-related amendments. Once Law 4764/2020 was passed, however, there were no significant developments pertaining to this topic.
As of late 2022, Greek players who profit from games of chance are legally required to pay taxes on their winnings. The current tax structure has been in force since 2013 and dictates the following rates, depending on the amount:
- Any winnings below 100 EUR are tax-free
- Winnings between 100 and 500 EUR are subject to a 15% tax rate
- Winnings over 500 EUR are subject to a 20% tax rate
It’s important to note that this progressive tax system doesn’t relate to the cumulative amount you win. Instead, you can qualify for different brackets depending on how much you win. For example, if you won 750 EUR, 100 EUR of that will be tax-free, the amount between 100 and 500 will be 15%, and the rest falls into the 20% bracket.
Also worth mentioning is that players have to declare winnings up to 30 days after the event occurs. Failure to do so may be interpreted as tax evasion and may result in legal repercussions.
Compared to other European gambling markets, such as Spain or Denmark, Greece is one of the only countries to tax players instead of just operators. If you thought things were easier for those running online casinos, think again. Foreign companies have to have a registered .gr address and are taxed 30% of their gross revenue.
Can Casinos That Accept Greek Players Be Trusted?
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 players 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.
In addition to legal documentation, you should also look for a fairness certificate. These come from third-party labs like eCOGRA, which run simulations of casino games to ensure they’re 100% fair.
If you’re worried about convenience – don’t. Many of the best offshore sites accept EUR and eWallets, like Neteller and Skrill. You can also use cards, while some payment providers even accept crypto deposits. Regardless of your preference, you can always expect the best online casino Greece recommendations at CBM. Check our reviews for more info about each pick.
Best Casino Bonuses for Greek Players
What makes the best online casinos in Greece stand out are their bonuses. When you think about it, gambling sites aren’t all that different from one another these days. Before, it wasn’t rare to see someone come up with innovation and suddenly shoot up in popularity. But today, everyone knows what the best casino banking methods and games are. For this reason, promotions can tell you a lot about who you’re dealing with.
Even though CBM only considers fair and legitimate sites, there are many examples of misleading ads and false claims. Our team often sees online casino Greece sites promising 500 EUR of bonus money, only for it to come with heavy restrictions. Most of the time, you can’t do anything other than post small bets. That’s why we only look for the best casino bonuses for Greek players. You’ll find nothing but transparency and tangible value. Give the promos a try!
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Local Payment Methods to Consider
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.
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 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 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. 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 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.
Depositing with EUR Currency
You don’t need to be an economics expert to know that it’s just unsustainable to constantly exchange your winnings. Both casinos and banks purposely undercut you, which can result in hundreds of euros lost to hidden fees or bad rates every month. For this reason, you should only play at sites that accept EUR deposits. This ensures you’re always maximizing your bets at online casinos in Greece.
As we said previously, the country being in the Eurozone is a great advantage for Greek players. Not only do brands find it easier to set up operations in Greece, but they can also operate in a legal grey area without much effort.
If you want to play with cryptocurrencies, be prepared to constantly chase the best price at crypto exchanges. However, playing at EUR online casinos in Greece is the best option. Not only is the content tailor-made for you, but you can also escape issues and exchange rate ripoffs. Use CBM’s top picks to get started!
Top Land-Based Casinos in Greece
While Greek online casinos are certainly top-notch, we can’t forget about land-based casinos throughout the country. Greece sees most tourists arrive during the summer, but these venues have enough amenities and services to keep you going during the winter, as well. For the most part, they took inspiration from Las Vegas casinos. As such, you’ll often find them as part of larger resorts and complexes.
If you want to engage in some real-life gaming, check out CBM’s top land-based casinos in Greece. Let’s learn a bit about each, shall we?
Casino Loutraki
If you get tired of online gambling, Greece has a lot to offer, and the town of Loutraki might be of interest. Located about an hour from Athens and features a 5-star hotel next to the gambling venue. There are also shops, a business center, a gym and water sports facilities. The interior is luxurious, with a state-of-the-art Poker arena. Players can enjoy Texas Hold’em, Stud Poker and Omaha. There are regular slots promotions and prize wheel draws. Rewards range from free drinks coupons to tens of thousands of euros. Overall, it’s one of the more lavish land-based casinos in Europe.
Rhodes Casino
A wonderful example of the architectural style of oriental eclecticism, the Grande Albergo delle Rose building is a gem of Rhodes. It houses a majestic casino, with both of its floors echoing the spirit of the Mediterranean. On the ground floor, you can find slots from the likes of Bally, Novomatic, and Scientific Games. Table games are located upstairs, featuring multiple variants of roulette, poker and other games. And like many live casino Greece sites, they have their own bespoke bet – TriLux. Other facilities include bars, a VIP restaurant and a 5-star hotel. It has a spa, gym and hosts events on a regular basis.
Casino Porto Carras
One of Greece’s newest venues, Casino Porto Carras, opened its doors in 2016. The target audience is experienced players and VIPs. Drink service is available throughout the gambling floor, which includes a variety of content. There are 382 total slot machines, along with 10 Texas Hold’em Poker tables, 2 Stud Poker tables, 7 Blackjack tables and 9 American roulettes. Style-wise, Porto Carras is designed in the image of lavish 19th century New Orleans architecture. And just like every top online casino Greece, it’s open 24/7 during peak season, which is usually May through September.
Mont Parnes Regency Casino
There’s one thing you can do at the best online casinos in Greece, and that’s access them by cable car! This 1960s complex sits atop Mont Parnes and looks over the entirety of Athens from a 1055m view. Two hotels are located next to the casino, which features dozens of slots classics, 3D games and the always popular KINO. Since mid-2022, players have access to Texas Hold’em cash games, with buy-ins reaching 1,000 EUR. As for other games, you can choose between blackjack, roulette, eRoulette and lots of jackpots. If you want to grab a bite or drink, the 1055 Restaurant and 3 different bars are at your disposal.
Regency Casino Thessaloniki
And last but not least, Mont Parnes Regency Casino’s twin venue in Thessaloniki. It has a splendid Vegas-styled interior with a maze of slots. Above select machines in the center of the lavishly designed room are LED panels, which shine brightly if someone hits the jackpot. In case you get hungry, there are three choices – Alfredo’s Grand Dining, La Terrasse or the more hip O Kipos (garden -gr.) Restaurant & Bar. If entertainment is your cup of tea, then you’re going to love the Vergina Theater, as well as Ian’s Lounge Bar and its more casual setting. This is the biggest land-based casino in Greece.
Most Famous Gamblers
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 casino games so much. It’s not every day that you hear about improbable rises like theirs.
Fun Facts
- Believe it or not, Intralot is a Greek company. Mainly a platform provider for online gambling, they also handle the lottery systems in 53 different countries. In 2018, they signed a 10-year $350 million deal with the Illinois State Lottery to provide technological solutions throughout the state. In 2019, they agreed to do the same in Washington, D.C.
- The most popular Greek card games are Xeri, Kontsina and Diloti. Xeri is a fishing game where two players compete for a stack of cards by matching the high card with those from their hand. Konstina is a simplified version of Xeri, making it suitable for leisure play. Diloti combines the rules of Xeri and Konstina, further adding declarations. It’s similar to the Casino card game.
- According to a December 2019 study from the Journal of Gambling Studies, 2.4% of Greeks display signs of problem gambling. The ones who are most at risk are males, minorities and those in lower-income brackets.
- Keno is perhaps the most popular casino game in Greece, after blackjack, poker, roulette, and baccarat. A HGC report shows that OPAP earned a whopping 1.8 billion EUR just from keno games alone in 2019.
- The Regency Casino of Thessaloniki is the largest and most profitable casino in all of Greece. It’s only rivaled by the Mont Parnes casino in Athens, with both having yearly revenues of approx. 500 million EUR.
FAQ
Are online casinos legal in Greece?
Yes, the Hellenic Gambling Commission offers licenses to operators that are willing to enter the Greek market. Interested parties have to go through background checks, provide documentation and pay a licensing fee of 2 million EUR. The duration of the license is seven years, while the tax rate for foreign brands is 35%. In addition, the casino must have a .gr address.
What are the best payment methods at Greek casinos?
Greek casino players have access to a variety of casino banking methods. Just like in other EU countries, you can deposit with Apple Pay, PayPal, Neteller and Skrill. The best local options, however, are Iris, Twiga, and SmartPay. We also can’t forget about Viva Wallet. They’re Europe’s first ‘neobank’ that’s entirely cloud-based.
Can I trust casinos from other countries that accept Greek players?
Once the European Commission judged OPAP’s monopoly as illegal in 2013, foreign operators started accepting Greek players again. You can trust these casinos if they’re reputable and licensed in a jurisdiction with strict laws, such as Malta, Italy, the UK, or Sweden. Ideally, you should look for a HGC-licensed site, but you can go with another option, too.
Can I claim bonuses with a Greek credit card?
Yes, many online casinos in Greece accept VISA and Mastercard when you’re claiming a bonus. Before you give the site your banking information, read the bonus T&C first. Ensure the promotion is fair and that they’re not ripping you off. Also, keep in mind that eWallets are often excluded from the list of eligible payment options.
Do gambling sites in Greece have keno?
Keno is, without a doubt, amongst the top 5 most popular games amongst Greek players. That’s why it’s no surprise that many sites offer dozens of different variants. The best online casinos in Greece, however, may offer keno-specific promos and even organize tournaments.
What’s the best live casino Greece?
Stoiximan, Novibet and BetShop are noted for having exceptional live dealer tables. All you have to do is make a deposit and find a spot. Blackjack, roulette and even game shows are available. However, even 888 Casino Greece will do. They’re experienced and have a great working relationship with live casino providers, such as Evo and Pragmatic Play Live.