Α few years back i contacted the Gambling Commitee (ΕΕΕΠ) regarding Proto. When you play Joker or Lotto and you don't play Proto, you still get the Proto number printed and next to it says NO (that you haven't payed for it).
This is blatant gambling addiction instigated by OPAP, because the player always checks the number to see if he would have won. "What if?"
So many players end up playing Proto for this reason thinking "better pay 1 euro, than having the number drawn, not win and have regrets).
The response i got from the ΕΕΕΠ was that they'd look into it... but of course they did nothing. Proto numbers should not be printed if the player wants to only play Joker or Lotto.
That's very interesting, I never thought about it like this. I am not surprised this has not changed, but perhaps someone at the HGC reading this might opt to do something now.
You can deal with the low friction, low verification online betting with regulatory and DNS bans, even if it turns into a bit of a whack-a-mole. These are predators w/o the potential tourism upside of physical locations. I think Canada has (had?) good systems to protect addicts from physical locations, with forced flagging and anonymous biometric blocks, though they seem to have removed the permanent self-block. We could learn from that.
ΟΠΑΠ is a problem though. If I understand the terms of sale, they can take the govt to arbitration over lost profit from protective regulations.
I don't think framing it as an issue of personal responsibility, investment, or even education is most productive. These are systems of addiction, and with enough exposure everyone is susceptible. Being an A student in math class hasn't protected children desensitised by Roblox games, the Panini card "sports sims", shooter lootboxes, or outright gacha games. There's a whole lot of American engineers, accountants and dentists who drop serious money in fantasy leagues and prediction markets, even though they do know better. The videogame industry has spent billions refining addiction mechanisms while govts seem to only sporadically care, and the original betting companies are onboarding the dark patterns.
I also don't trust the Greek govt to behave responsibly on the issue. We went from slots in half the coffee shops, to banning Ms Pacman cabinets and playing online chess at an Internet cafe, to the govt licensing a miserable casino in every neighborhood. They also allow uncommonly high edges in every new lottery they permit. In this respect, articles highlighting the problem are really needed and appreciated. I wish they could reach MSM media though, as Greece isn't the land of podcasts and substacks quite yet.
Thank you for your comment. It is definitely a multifaceted but also pretty straightforward issue. I hope we can crack it one day. We are very far from even talking about it as one today, so we have a long way to go.
A well-written and documented article. It's sad that so many lives have been ruined because of gambling. Thank you for bringing this gambling addiction problem to our attention.
The data points hit close to home, particularly given my personal history with sports betting arbitrage in the early 2000s - way before online betting colonised Greece.
What baffled me every time I spoke with anyone who's a casual bettor? The profound mathematical illiteracy that made OPAP's business model work. The core mechanics of Lotto and Propo relied on mass misunderstanding of basic probability. OPAP effectively operated a perfectly legal wealth transfer system from the mathematically uninformed to their bottom line.
My arbitrage days ended when banks started flagging certain bookmakers and restricting fund movements, even confiscating large sums. They smelled profit and they wanted a cut. I pivoted to building my career and left Greece, but reading this article confirms the fundamental problems have metastasised rather than resolved.
Three observations I see worth unpacking:
- Mathematical blindspots run deep. The average bettor remains unaware that each stake carries a guaranteed percentage loss to the house. Want to see teenage boys suddenly develop laser focus in math class? Add a module on calculating true odds versus bookmaker margins. The engagement would be remarkable.
- The private ownership model creates perverse incentives. Bookmakers operate with an asymmetric advantage - they'll accept any customer's money until that customer demonstrates consistent profitability. Then comes the swift ban. I can attest to that personally and extensively. This selective screening ensures the house maintains its mathematical edge against the retail crowd. A state monopoly running simple games with profits directed to social programs would at least align incentives with public good.
- The lack of accessible investment alternatives amplifies the gambling problem. While the article highlights the potential returns from systematic S&P 500 investing, Greece offers minimal financial education and high friction barriers to legitimate investment. Contrast this with the UK, where opening an ISA account takes 15 minutes and provides tax-advantaged access to global equity markets. Will some people still chase imaginary crypto riches? Absolutely. But creating accessible pathways to long-term wealth building gives the mathematically inclined an escape route from the gambling trap.
The numbers in this article suggest Greece's gambling addiction has reached a critical mass. Addressing it requires rethinking both the incentive structures and the alternatives available to citizens looking to build wealth.
I am trying to think how I can help be a solution to the problem.
A potential solution keeps tugging at my mind: an application delivering easy-to-digest investment education with simple translation to trading functionality. Converting that gambling dopamine hit into calculated equity analysis.
The interface could bridge, subtly, familiar betting mechanics with fundamental company research. Make the first steps into investing feel natural for a population raised on OPAP's platforms. Just an idea on how you can show that (well educated) "betting" on equities can be much more healthy and profitable than straight-up gambling, which will never ever work.
Two open questions from me:
- The Greek brokerage infrastructure - actual mechanics, regulations, barriers to entry
- The funding landscape - would Greek VCs back a platform aiming to redirect capital from betting to investing?
The government could accelerate this transformation through targeted grants. Every euro flowing from gambling into productive investment compounds for decades. Having it flow to Greek equities, amplifies the incentives. Building an investing ecosystem demands policy support: lower friction for retail investors, tax incentives for long-term allocation, coordinated educational initiatives.
€15.6 billion currently evaporates in betting. The market seems primed for a platform making investing as accessible as those omnipresent gambling apps. The blueprint might blend thoughtful product design with policy reform.
Thanks for the very detailed and comprehensive reply, Silba. Amazing to hear about your very relevant background and also could not agree more with your suggestions.
I would like to start exploring that avenue. If anyone you know, or anyone who reads, can be relevant to funding a project like that, please contact me.
I only visit Greece once a year, but on my last visit, I realised that my 18-year-old nephew has a gambling addiction, and then I started noticing it everywhere. Anecdotal evidence: I was sat in the metro next to 4 teenagers, glued to their phones (not good but normal), and I overheard they were all betting on games as we travelled. This is serious.
Thanks for sharing your story and speaking up, George. Unfortunately, it is very serious and much more widespread in the younger generations than many of us realize. Greeks are addicted to betting games and the new generation especially susceptible to online gambling.
Α few years back i contacted the Gambling Commitee (ΕΕΕΠ) regarding Proto. When you play Joker or Lotto and you don't play Proto, you still get the Proto number printed and next to it says NO (that you haven't payed for it).
This is blatant gambling addiction instigated by OPAP, because the player always checks the number to see if he would have won. "What if?"
So many players end up playing Proto for this reason thinking "better pay 1 euro, than having the number drawn, not win and have regrets).
The response i got from the ΕΕΕΠ was that they'd look into it... but of course they did nothing. Proto numbers should not be printed if the player wants to only play Joker or Lotto.
That's very interesting, I never thought about it like this. I am not surprised this has not changed, but perhaps someone at the HGC reading this might opt to do something now.
You can deal with the low friction, low verification online betting with regulatory and DNS bans, even if it turns into a bit of a whack-a-mole. These are predators w/o the potential tourism upside of physical locations. I think Canada has (had?) good systems to protect addicts from physical locations, with forced flagging and anonymous biometric blocks, though they seem to have removed the permanent self-block. We could learn from that.
ΟΠΑΠ is a problem though. If I understand the terms of sale, they can take the govt to arbitration over lost profit from protective regulations.
I don't think framing it as an issue of personal responsibility, investment, or even education is most productive. These are systems of addiction, and with enough exposure everyone is susceptible. Being an A student in math class hasn't protected children desensitised by Roblox games, the Panini card "sports sims", shooter lootboxes, or outright gacha games. There's a whole lot of American engineers, accountants and dentists who drop serious money in fantasy leagues and prediction markets, even though they do know better. The videogame industry has spent billions refining addiction mechanisms while govts seem to only sporadically care, and the original betting companies are onboarding the dark patterns.
I also don't trust the Greek govt to behave responsibly on the issue. We went from slots in half the coffee shops, to banning Ms Pacman cabinets and playing online chess at an Internet cafe, to the govt licensing a miserable casino in every neighborhood. They also allow uncommonly high edges in every new lottery they permit. In this respect, articles highlighting the problem are really needed and appreciated. I wish they could reach MSM media though, as Greece isn't the land of podcasts and substacks quite yet.
Thank you for your comment. It is definitely a multifaceted but also pretty straightforward issue. I hope we can crack it one day. We are very far from even talking about it as one today, so we have a long way to go.
Thanks for the tag GA! Some of the stats are mind boggling. The line between gambling and investing is so close yet to far.
Very well said, big Sofo. Keep spreading the word about the need for a better investing culture in the home country!
A well-written and documented article. It's sad that so many lives have been ruined because of gambling. Thank you for bringing this gambling addiction problem to our attention.
Thank you, Paul. Completely agree. High time to do something about it!
Excellent article, huge problem.
The data points hit close to home, particularly given my personal history with sports betting arbitrage in the early 2000s - way before online betting colonised Greece.
What baffled me every time I spoke with anyone who's a casual bettor? The profound mathematical illiteracy that made OPAP's business model work. The core mechanics of Lotto and Propo relied on mass misunderstanding of basic probability. OPAP effectively operated a perfectly legal wealth transfer system from the mathematically uninformed to their bottom line.
My arbitrage days ended when banks started flagging certain bookmakers and restricting fund movements, even confiscating large sums. They smelled profit and they wanted a cut. I pivoted to building my career and left Greece, but reading this article confirms the fundamental problems have metastasised rather than resolved.
Three observations I see worth unpacking:
- Mathematical blindspots run deep. The average bettor remains unaware that each stake carries a guaranteed percentage loss to the house. Want to see teenage boys suddenly develop laser focus in math class? Add a module on calculating true odds versus bookmaker margins. The engagement would be remarkable.
- The private ownership model creates perverse incentives. Bookmakers operate with an asymmetric advantage - they'll accept any customer's money until that customer demonstrates consistent profitability. Then comes the swift ban. I can attest to that personally and extensively. This selective screening ensures the house maintains its mathematical edge against the retail crowd. A state monopoly running simple games with profits directed to social programs would at least align incentives with public good.
- The lack of accessible investment alternatives amplifies the gambling problem. While the article highlights the potential returns from systematic S&P 500 investing, Greece offers minimal financial education and high friction barriers to legitimate investment. Contrast this with the UK, where opening an ISA account takes 15 minutes and provides tax-advantaged access to global equity markets. Will some people still chase imaginary crypto riches? Absolutely. But creating accessible pathways to long-term wealth building gives the mathematically inclined an escape route from the gambling trap.
The numbers in this article suggest Greece's gambling addiction has reached a critical mass. Addressing it requires rethinking both the incentive structures and the alternatives available to citizens looking to build wealth.
I am trying to think how I can help be a solution to the problem.
A potential solution keeps tugging at my mind: an application delivering easy-to-digest investment education with simple translation to trading functionality. Converting that gambling dopamine hit into calculated equity analysis.
The interface could bridge, subtly, familiar betting mechanics with fundamental company research. Make the first steps into investing feel natural for a population raised on OPAP's platforms. Just an idea on how you can show that (well educated) "betting" on equities can be much more healthy and profitable than straight-up gambling, which will never ever work.
Two open questions from me:
- The Greek brokerage infrastructure - actual mechanics, regulations, barriers to entry
- The funding landscape - would Greek VCs back a platform aiming to redirect capital from betting to investing?
The government could accelerate this transformation through targeted grants. Every euro flowing from gambling into productive investment compounds for decades. Having it flow to Greek equities, amplifies the incentives. Building an investing ecosystem demands policy support: lower friction for retail investors, tax incentives for long-term allocation, coordinated educational initiatives.
€15.6 billion currently evaporates in betting. The market seems primed for a platform making investing as accessible as those omnipresent gambling apps. The blueprint might blend thoughtful product design with policy reform.
Thanks for the very detailed and comprehensive reply, Silba. Amazing to hear about your very relevant background and also could not agree more with your suggestions.
I would like to start exploring that avenue. If anyone you know, or anyone who reads, can be relevant to funding a project like that, please contact me.
I'm so happy that we talk about this.
I only visit Greece once a year, but on my last visit, I realised that my 18-year-old nephew has a gambling addiction, and then I started noticing it everywhere. Anecdotal evidence: I was sat in the metro next to 4 teenagers, glued to their phones (not good but normal), and I overheard they were all betting on games as we travelled. This is serious.
Thanks for sharing your story and speaking up, George. Unfortunately, it is very serious and much more widespread in the younger generations than many of us realize. Greeks are addicted to betting games and the new generation especially susceptible to online gambling.