Greece’s online gambling revenue has fallen by 40% during the first five months of 2020 as sports halted due to COVID-19.
Figures released by the Hellenic Gaming Commission (HGC) show the local online gambling market generated revenue of nearly €150m in the first five months of 2020, a 40% decline from the same period last year.
The year started well with revenue of €49.3m in January, but this slipped to €45m in February. The revenue further slipped to €36.1m in March and then hit the bottom in April with €29.5m before rebounding slightly to €30m in May.
The Stoiximan betting brand was the market leader with a nearly 49% share of the overall pie. Stoiximan started the year off right with revenue of €24.3m in January but this sunk to €14.8m by May.
Greek lottery and betting operator OPAP, which is in the process of acquiring a majority stake in Stoiximan, saw its online revenue almost entirely erased over 2020’s first five months. The company’s fledgling online operations did not add casino games until May, leaving it without any options when sports shut down.