Greece and Cyprus: New Frontiers for Poker and Online Casino Growth

In modern digital markets, iGaming firms have emerged as among the fastest-moving businesses in the world, constantly on the lookout for new avenues and a more favourable tax/regulatory environment. 

Historically, countries like Greece and Cyprus were not viewed as major iGaming hotspots. However, evolving licensing models and more streamlined regulation have led an increasing number of sports betting platforms and casinos to offer their services there. In many cases, iGaming companies even domicile in Cyprus and open their headquarters there, thanks to a business-friendly climate and relatively lower corporate taxes. 

The global iGaming market is still growing, putting Greece and Cyprus in a favourable position to attract more brands while boosting tax collection from gross gaming revenues. 

Surging Digital Demand in Greece and Cyprus

The growth of online gambling in both Greece and Cyprus has been stark over the past several years. The total gaming revenue in Greece alone reached EUR 22.7 billion in 2023, a new record for the local market.

Gross gaming revenues have also ballooned, reaching EUR 2.3 billion over the full 2024 fiscal year. 

Surveys suggest that as many as 1 in 7 Greek adults engage in online gaming, a staggering figure that points to robust demand for iGaming services in the country.

This trend is not isolated to Greece and Cyprus; global demand for digital-first casino and sports betting experiences has grown exponentially in recent years. 

With global gambling on the rise, regulations and restrictions are also following suit. However, approaches and attitudes are not evenly distributed—some jurisdictions are tightening controls, while others are liberalizing rapidly. 

Local Brands and Key Selling Points

Local players in Greece and Cyprus have long been plagued by unstable platforms and vague licensing, which have shifted much of the gambling activity in these countries into the informal markets. 

Luckily, new and updated licensing permits, along with clear directives from the HGC and the NBA, have greatly improved the perception and reputation of these national agencies among major iGaming platforms. Several notable firms have emerged from the fold, offering casino services and reviews to hundreds of thousands of local punters in both countries. 

Xena Casino is a Greek-language casino hub offering in-depth guides, local operator reviews, and comprehensive coverage of gaming trends that intersect with poker and live dealer formats. 

Users can rely on the platform to research the local market and find the best terms for casino games for Greek gamers. 

Another informative casino website growing in popularity is Casino18, a premium entertainment platform tailored for responsible 18+ audiences, featuring high-quality comparisons, exclusive bonuses, and a more refined player experience.

For Cypriot punters and casino enthusiasts, OnlineCasinoCyprus is a gaming portal that connects regional players to licensed operators and emerging local brands, bridging the gap between operators in the country and players who may be unfamiliar with the local iGaming ecosystem. 

Constraints and Key Considerations

While the global iGaming market is still growing, the pace of growth has slowed in recent years as markets continue to saturate and barriers to entry have risen.

This puts Greece and Cyprus in relative limbo, as liberalization did not happen without friction, and even current regulations are less competitive with the likes of Curacao and Malta, meaning neither jurisdiction has fully taken advantage of the bulk of growth in the iGaming sector since the 2010s. 

For instance, the operation of full-scale online casinos is still prohibited in Cyprus, meaning iGaming companies in the country must adjust their services and overall strategy to navigate the uncertain regulatory environment, which has undergone several changes in the past decade and is likely to continue evolving. 

Thus, the authorized online gambling footprint in Cyprus today is narrow, mainly limited to betting on sports and fixtures, and perhaps to limited gaming under license. The smaller population, below 1.4 million, also constrains the local market and the number of iGaming firms entering.

This creates a mix of opportunities and risks for companies operating in the country or seeking to enter the market in the near future.