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Comparison with Italy and Cyprus
Greece lies between two pronounced models of the gambling industry in the region: Italy's large and long-digitized market and Cyprus's niche, tourist-oriented system. Below is a comparison of three jurisdictions by key parameters.
1) Regulators and basic market logic
Greece. Unified supervision and a sustainable "white" market: permanent licenses, separate categories for betting and online casinos, a strong emphasis on compliance (AML/KYC, RG).
Italy. A centralized model with a long history of regulation, deep digitalization of verticals (betting, casino, poker), strict advertising policy.
Cyprus. Two-circuit system: separate supervision of betting (including online) and separate regulation of the casino resort and its "satellites." The market is made for tourism and local demand; a number of online verticals are limited.
The key difference: Italy - "scale and depth of the digital portfolio," Greece - "balanced station wagon with a focus on compliance," Cyprus - "tourist flagship with an integrated resort and point online model."
2) Product licensing and coverage
Greece. Separate licenses for online betting and online casinos (slots/Live), line of land-based casinos, lottery products. Focus on stable admission of international operators under strict rules.
Italy. Wide window of licenses: betting (online/offline), online casino games, poker, bingo, etc. Regular license renewal/reissue windows, high competition.
Cyprus. Online betting through betting license; land casinos are represented by an integrated resort and satellite lounges. Online casinos as a vertical are limited; emphasis on offline experience and eventfulness.
3) Advertising, Marketing and Responsible Gaming
Greece. Permitted but strictly regulated marketing; emphasis on RG tools, age verification, and visible constraint communication.
Italy. Strict restrictions on gambling advertising (including digital channels); because of this, operators are shifting to CRM, affiliate partnerships, content and "responsible" communication formats.
Cyprus. Advertising is related to tourism and the resort ecosystem, more tied to offline events, MICE and partnerships with hotels/airlines/cruises.
4) Land casinos and the role of tourism
Greece. Mainland and island casino network; evening traffic of tourists and cruise passengers, "packages" with hotels, shows and gastronomy.
Italy. Historical casinos in iconic locations + a widespread network of betting points; tourism is important, but the demand structure is more omnivorous due to the dense urban network.
Cyprus. "Showcase" integrated resort with show programs, gastronomy, SPA and MICE; in season - strong loading due to beach and business tourism, yachting and proximity to the Middle East.
5) Online sector and technology
Greece. Mature online with two licenses (betting/casino), strong focus on KYC, payment tires and behavioral analytics (RG/anti-fraud).
Italy. One of the most sophisticated EU markets for online products and integrations, a rich stack of providers and payments; advertising is limited, but CRM/personalization and content showcase are best practices.
Cyprus. Online betting is evolving; The casino vertical is kept offline. Digital marketing is subordinated to tourism seasonality and offline exposure.
6) Payments and verification
Greece. Balance of cards, banks, local e-wallets and verification providers; strict identification, deposit/time limits, reporting.
Italy. Wide payment matrix and high requirements for transaction traceability; strong BI culture among operators.
Cyprus. Payment logic is focused on the mass tourist (offline) and online rates; simple KYC processes for guests are important.
7) Fiscal logic (no rates and interest)
Greece. The fiscal base is built around GGR tax, player winnings taxation, licence fees and corporate taxes.
Italy. Complex multi-year vertical system; high requirements for reporting and control.
Cyprus. State revenues are concentrated on the resort model (casino complex + satellites), rates and the accompanying tax block of tourism.
8) Demand and consumer portrait
Greece. Tourists + local players; islands set seasonal peaks, mainland - year-round demand.
Italy. Very broad base: sports, lotto/bingo, online casino; the audience is diverse in age and region.
Cyprus. High proportion of tourists and MICE guests, evening offline experience, premium segments (yachting, luxury).
9) Enforcement
Greece. Systematic fight against unlicensed sites, technological monitoring and reporting, sanctions practice.
Italy. Multilayer control built into a long control cycle; high level of process maturity.
Cyprus. Point supervision focused on the tourist cluster and rates; priority - guest safety and transparency of offline service.
10) What it means for players and operators
Players. In Greece and Italy - a wide legal choice and a strong RG ecosystem; Cyprus - focus on offline resort experience and online rates.
Operators.
In Greece, there are transparent rules for entering online and understandable expectations for compliance.
In Italy - high competition and strict advertising policy, but a large addressable market.
In Cyprus - a bet on offline premium and events, a limited digital showcase for casinos.
11) Tourism and MICE
Greece. Casinos boost the night economy of islands and mainland resorts; bundles with cruises and hotels.
Italy. Tourism is important, but demand is less dependent on the beach season; many urban scenarios.
Cyprus. The resort model sets the rhythm for the market: summer and "velvet" seasons - peak, business events level out the low months.
12) Risks and growth drivers
Greece. Drivers - digitalization, strengthening tourism and compliance technologies; risk - re-regulation of advertising and seasonal fluctuations on the islands.
Italy. Drivers - online scale and product depth; risks - strict advertising rules and the cost of licenses/compliance.
Cyprus. Drivers - integrated resort, MICE and high-spend tourists; risks - dependence on the tourist season and the limitations of the online showcase.
13) Vision 2030 (estimated)
Greece will maintain its position as a "balanced station wagon": online is growing, island casinos are strengthening links with cruises, RG tools are becoming the standard.
Italy will continue the course of "digital depth under strict advertising rules": betting on CRM, personalization and technological upgrade.
Cyprus will consolidate the premium resort profile: events, congresses, gastronomy and shows around the flagship casino complex, with a moderate online increase in rates.
14) Short checklist for investor
1. Market fit: Greece - universal portfolio; Italy - volume and competition; Cyprus - premium offline and rates.
2. Marketing: Greece - "allowed, but careful"; Italy - without classic advertising, reliance on CRM and affiliates; Cyprus - events and tourism.
3. Technologies and RG: KYC/AML, behavioral monitoring, reporting are mandatory everywhere; in Greece and Italy - high requirements for online analytics.
4. Seasonality: Greece and Cyprus - sensitivity to tourist flow; Italy is a more even demand.
Conclusion: compared to Italy and Cyprus, Greece is the "golden middle" of the region: a fairly wide online portfolio, a prominent role for land-based casinos (especially on the islands), strict but predictable supervision and a strong connection with tourism. Italy wins with scale and depth online with strict marketing rules; Cyprus relies on an integrated resort and premium tourism economy, limiting the digital part of the market.