With Greece’s iGaming market having been fully regulated since 2021, affiliates must adapt to a landscape where compliance and local expertise go hand in hand. In this article, we explore the key strategies that can be used to build trust, stay compliant, and grow organic presence in Greece.

The Greek iGaming market has now been fully regulated for several years, creating a clear but competitive space for operators and affiliates. The framework established by the Hellenic Gaming Commission (HGC) provides clarity, but achieving organic marketing success still requires precision, local touch, and a strong commitment to compliance.

Greece has a single national system in place. This makes things more predictable, but also means there’s a lot of attention on the market. The competition is already heating up, with well-known international brands holding licenses alongside strong local companies. All fighting for their slice of the pie.

“The Greek market isn’t new to betting, far from it,” notes Alexandros Michas, Head of Linkbuilding at BetBrothers.gr. “What’s changed is the formalisation and stronger supervision. For affiliates, there are plenty of opportunities, but the days of the grey market are long gone. Building trust and following HGC rules are a must today.”

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Understand the Regulations

When it comes to digital marketing and organic traffic, there are important rules and market specifics to consider. Greece has one main regulator, the HGC, and all online gambling activities, including marketing and affiliation, are closely controlled by it.

One of the most important requirements is that affiliates must hold their own HGC license to promote Greek-facing gaming sites. It’s not enough to partner with a licensed operator: any website, blog or social channel directing traffic to gambling platforms must be registered and approved by the HGC. This ensures affiliates understand and commit to local rules on advertising, responsible gaming messaging and transparent bonus disclosures.

Furthermore, marketing communications have strict rules. They must be truthful, not misleading, and must not target vulnerable individuals or minors. Responsible gambling messaging is mandatory, and the HGC closely checks for compliance, ready to impose big fines for any violations.

To build a sustainable organic strategy in Greece, affiliates should focus on foundational, authentic marketing practices.

Apply Hyper-Local SEO

Creating content requires more than simple translation. It demands language that is culturally resonant and tailored for Greek search queries. This means going beyond simple keyword matching to understanding genuine user intent.

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“Keyword research is fundamental, but it’s more than just typing terms into a tool,” Alexandros stresses. “At BetBrothers, we spend time understanding how Greeks actually search – the slang, the abbreviations, the specific player or match queries. It’s about thinking with a local mindset, not just translating. Basic SEO doesn’t make it here, content needs to feel native and natural.”

Create Authentic Credibility

Developing authority involves seeking out link-building opportunities with established Greek sports blogs, news portals, and fan forums. It’s important to make sure that guest content is truly valuable to the platform’s readers. Building relationships with trusted local sources also helps enhance credibility and establish a strong presence within the community.

“Link building in Greece requires patience and genuine outreach,” Alexandros comments. “It’s not just about volume. We focus on earning links from reputable Greek sources that add value to our users and theirs. A link from a respected Greek sports site carries far more weight than ten generic international links.”

Connect with Greek Culture

Content should dive deep into local sports, centering on the Greek Super League, the Greek Cup, national team performances, and the intense basketball rivalries in the Basket League and EuroLeague. It’s important to use betting terminology familiar to Greek bettors and understand popular local bet types. Reflecting the passion, rivalries, and cultural significance of major sporting events will ensure content resonates more deeply.

“If you’re writing about a derby between Olympiacos and Panathinaikos, you need to understand the decades of history and passion involved,” Alexandros notes. “Generic match previews don’t work. Your content needs to breathe Greek sporting culture. It’s those nuances that build connection.”

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Build Trust and Promote Responsible Gambling

Trust-building begins with prominently and genuinely integrating Responsible Gambling (RG) messages. This is an HGC requirement that also reassures users. Affiliates should provide clear, honest information and unbiased reviews about licensed operators to show they are reliable sources in a market where players value well-informed choices. Following all advertising and compliance rules is essential to maintain credibility and user confidence.

“Trust is perhaps the most valuable currency in the Greek iGaming market,” Alexandros states. “Players want to feel safe and informed. By promoting responsible gambling and providing transparent, high-quality information, affiliates can become go-to resources.”

Final Thoughts

The Greek iGaming market offers significant opportunities for affiliates who are prepared to invest in a long-term, organic strategy built on compliance, understanding local culture, and offering real value. While the HGC’s firm regulatory hand requires careful attention, it also creates a level playing field where quality and authenticity can truly shine.

“For affiliates in Greece, the game has changed towards quality and compliance,” Alexandros concludes. “Shortcuts will lead to penalties. But for those who invest in understanding the local market, respecting the rules, and delivering real value through their content, the potential for sustainable growth is endless. It’s about playing the long game, authentically.”

In Q1 2025, Ten Square Games demonstrated the strength of its business model by delivering strong profitability and solid cash flow despite a decline in bookings from its main titles. It was a period of intense focus on product quality, finalizing the roadmap for necessary changes in each project, and conducting large-scale testing of new features. The company continues to lay the groundwork for improved monetization over the long term. At the same time, TSG Store delivered record results, and the development of two prototypes accelerated.

TSG Group in Q1 2025

In Q1 2025, bookings across the Group’s games totaled PLN 90.5 million, marking a decline compared to both Q4 and Q1 2024. This was primarily due to decreases in the Group’s two main titles. At the same time, both Wings of Heroes and Real Flight Simulator maintained their positive momentum, recording growth in bookings.

Adjusted EBITDA came in at PLN 30.5 million, representing a 7.5% increase q-o-q and an 11.0% increase y-o-y. This result was largely driven by the decision to reduce marketing spend. While this decision has a short-term negative impact on bookings, it is expected to improve the effectiveness of future user acquisition investments over the long term.

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The Group continues to closely monitor and optimize its operating costs. As a result, TSG Group reported a net profit of PLN 27.5 million for the reporting period – significantly higher than in both Q4 and Q1 2024. A key strength of the Group’s business model remains its robust cash-generating capacity. As of the end of Q1 2025, TSG Group held cash and cash equivalents of PLN 172.4 million.

– Q1 2025 brought mixed results for our operations. On one hand, we recorded weaker performance in our two main titles, due to the slower-than-expected pace of implementing changes. On the other hand, we delivered strong financial results, achieved a record-high share of TSG Store in Group bookings, continued growth in Wings of Heroes and Real Flight Simulator, and intensified prototypes development. Despite the challenges in our core titles, we believe in the chosen strategy and are already seeing the first positive effects – even if they are not yet reflected in financial results. In the near term, our goal is to improve team efficiency and consistently build the foundation for the Group’s long-term value growth.” – said Andrzej Ilczuk, CEO of Ten Square Games S.A.

Flagship titles: laying the foundation for future growth

In Q1 2025, the teams behind Fishing Clash and Hunting Clash focused on improving player retention and enhancing the overall user experience. Bookings in both titles were affected by a reduced number of new locations added to the games compared to previous quarters, as well as a strategic reduction in marketing spend. The implementation of structural changes in both projects is taking longer than originally planned, meaning their impact will become visible at a later stage. As a result, bookings in Fishing Clash dropped to PLN 52.6 million, and in Hunting Clash to PLN 18.6 million.

The reduced marketing spend stemmed from the broad scope of changes being implemented in the core titles, which focused primarily on player retention and engagement. At the same time, work was underway to prepare both games for further changes in monetization. Investments in user acquisition during this period would not have delivered the expected return, which is why both teams focused on reworking the early stages of gameplay – the first 7 days of a player’s experience. The goal of these changes is to increase new user retention, establish regular gameplay habits, and better tailor offers to players at various levels of experience. By introducing advanced segmentation and personalizing the player experience, the Group expects to improve key monetization metrics in the long run, enabling a return to increased advertising spend on user acquisition above the levels seen in Q1 2025.

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Wings of Heroes maintained its strong growth momentum, with bookings reaching PLN 7.3 million (+2.9% q-o-q; +149.5% y-o-y). The game received a range of technical and functional improvements. The most significant changes focused on the early stages of gameplay to make it easier for new players to get started. The team also worked on implementing a Battle Pass system – a new player progression path which launched on April 1.

Real Flight Simulator also sustained its positive trend in bookings, which reached PLN 5.3 million in Q1 2025 – up by 1.1% q-o-q and 6.8% y-o-y.

TSG Store: record results and a growing role in the Group’s business model

TSG Store has become one of the key pillars supporting the Group’s profitability. In March 2025, the platform’s share of the Group’s total bookings exceeded 19%. In the case of Fishing Clash, not only was the 25% target share reached in February 2025, but it was also surpassed in March, reaching over 26%. Intensified efforts by the Hunting Clash team since the beginning of the year translated into a strong increase in TSG Store’s share of that game’s bookings – reaching 17.5% in March. TSG Store achieved its best results in history, both overall and across individual products.

Ongoing development efforts and recent regulatory changes that expand developers’ ability to promote their own sales platforms significantly boost the potential for further growth of TSG Store’s share in Group bookings in the coming quarters.

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New Games: Trophy Hunter nears global launch, real Combat Simulator advances

Around the turn of Q2 and Q3 of 2025, Trophy Hunter – a new hunting title from the TSG portfolio – is set to launch globally. The game targets a broader, more casual audience than Hunting Clash. It is a dynamic, skill-based game featuring fast-paced gameplay and progression centered around arena-based duels. Trophy Hunter uses a hybrid monetization model combining in-app purchases with ads and includes robust social features designed to foster an active player community.

At the same time, Real Combat Simulator, developed by TSG’s Italian studio Rortos, continues to evolve. In recent months, the game has been enhanced with additional aircraft models – M346, F18, and A10 – as well as new gameplay features. A multiplayer mode, planned for release in June, is expected to significantly boost the game’s appeal. The team is also working on communication systems between pilots and refining the realism of all gameplay elements. In addition, work is underway on a dedicated tutorial for new players entering the world of advanced flight simulators. The game is currently in a testing phase and is steadily approaching commercial readiness.

Incentive program and profit distribution to shareholders

In May 2025, the General Meeting of Shareholders approved a new incentive program for the years 2025 – 2029, aimed at increasing the Company’s value and market capitalization. The program consists of three tranches, each tied to a three-year period: 2025–2027 (Tranche I), 2026–2028 (Tranche II), and 2027–2029 (Tranche III). Participants may be granted up to 323.8 thousand shares in total – equivalent to approximately 5% of TSG’s share capital – provided that two independent conditions are met: a financial performance condition (weighted at 80%) and a market-based condition (weighted at 20%).

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The performance condition for Tranche I assumes the achievement of an ambitious, cumulative Adjusted EBITDA target of PLN 438 million for the years 2025 – 2027. The market-based condition requires that TSG’s share price on the Warsaw Stock Exchange outperform the WIG index by at least 10 percentage points during the respective period.

-In 2025, we’re executing many key projects simultaneously. Our top priorities are changes in our core games and ensuring continued development of Wings of Heroes. These initiatives demand full team focus. At the same time, we’re intensively working on the development of two new prototypes – both of which currently rely primarily on internal resources rather than significant financial investment. This allows us to responsibly consider larger investments in new ventures no earlier than next year. That’s why we’ve decided to recommend a record dividend payout to our shareholders. – said Andrzej Ilczuk, CEO of Ten Square Games.

The General Meeting approved the Management Board’s recommendation to pay out PLN 100 million in dividends. The dividend record date is June 20, 2025, with the payment scheduled for June 27, 2025.