Greece's gambling industry is facing unprecedented strict scrutiny. The Greek Anti-Money Laundering Authority recently announced that it has uncovered a large-scale money laundering operation that may involve about 200 people, including some government officials and civil servants.
The investigation revealed that the individuals involved used licensed gambling platforms to open accounts and operated them with codes linked to personal information. They deposited large amounts of cash at gas stations, convenience stores, and other cooperating retail outlets, thereby bypassing the scrutiny required for bank transfers.
Since clerks usually do not verify the source of the funds, this loophole was systematically exploited. Subsequently, the funds were transferred into personal bank accounts, with some deposits amounting to as much as one million euros, yet lacking a reasonable explanation.
Currently, at least ten legitimate gambling operators are under investigation for related suspicious transactions. This case has also put the entire industry in the spotlight, especially during the sensitive period when the national lottery franchise in Greece is about to be re-tendered. The existing operator, OPAP, will have its license expire in May 2026, with its competitor being IGT's Brightstar.
Meanwhile, the Greek government is intensifying its crackdown on illegal gambling. The Ministry of Finance and Economy is developing a new legal framework, planning to grant authorities greater powers to immediately shut down illegal gambling venues, revoke related business licenses, and hold those who obstruct law enforcement or facilitate illegal activities criminally responsible, even facing imprisonment.
Industry insiders worry that the money laundering scandal and regulatory upgrades will profoundly affect the credibility and future development of Greece's gambling industry.
