Gambling in the Balkans: the Best Places for Launching a Casino

Specifics of the Gambling Niche

Key Characteristics of the Gambling Industry in the Balkans

• Emerging economy
• Stable political environment
• All types of gambling permitted
• Favorable business climate
• Flexible taxation
• Strong gambling community

Romania

The gambling sector’s GGR amounts to around €900 million annually, and the figure keeps growing.

Greece

Since 2018, Greece has been showing rapid iGaming market growth — roughly 35% per year.

Serbia

The gross gaming revenue of Serbian operators is around €785 million.

Which other countries are worth considering in 2025?

Croatia

Bulgaria

Cyprus

North Macedonia

Romania

The state is rightfully considered the driving force of the entertainment niche on the peninsula. It is the most densely populated country in the region and is home to more than 20 million people with a high interest in gambling.

The total GGR of the sector is about €900 million per year, and this figure is constantly growing.

The country has equally well-developed land-based and online spheres, but in recent years, the largest investments have been in the iGaming area.

This is facilitated by the spreading penetration of smartphones in the region: 88% of the population uses mobile devices and has access to high-speed Internet.

Features of the local market:

1. The Romanian National Gambling Office (ONJN) is responsible for issuing permits. The commission promotes a responsible approach to the placement of bets, monitors the work of licensees, and participates in resolving disputes between operators and their clients.
2. The regulator grants 2 types of certificates: B2C and B2B. Having the first document allows entrepreneurs to manage several platforms at once, for example, a casino and a sportsbook portal.
3. Loyal requirements are put forward for the applicants. To obtain a permit, it is not necessary to register a legal entity in the country. It is enough to be a resident of one of the EU jurisdictions. This is one of the main reasons why the largest developers have opened their representative offices in Romania. These are BetSoft, Pragmatic Play, Playtech, and others.
4. The licence fee is calculated based on the cash flow. Entrepreneurs pay from €15,600 to €312,000, depending on the GGR for the reporting period. For holders of a B2B permit, the amount is fixed — €9,500 per year.

Greece

All types of gambling are allowed here, but online casinos and bookmakers are the most popular. Since 2018, the country has demonstrated rapid development of the digital entertainment market — about 35% of growth annually.

This is due to the holding of major sporting events in Europe, as well as changes in the rules for regulating the niche.

The Greek Gambling Commission (HGC) issues 2 types of licences: for online betting and all other types of activities. The original request can be submitted through the official website of the regulator, and supporting documents are usually sent by mail.

The registration fee is €10,000. The certificate is issued for 7 years.

Greece has set fairly high financial requirements for applicants compared to other Balkan countries. Thus, operators must confirm the availability of a bank guarantee in the amount of €100,000. The minimum start-up capital is €200,000.

The jurisdiction is distinguished by a responsible approach toward gambling, as well as the protection of socially vulnerable groups and minors. The legislation that was updated in 2021 presents several demands to licensees:

• maximum bet in slot machines is €2;
• minimum time to spin reels in slots is 3 seconds;
• jackpot limit is €50,000;
• promotion of gambling products through affiliated companies registered with HGC;
• advertising of entertainment solutions on only one website.

Serbia

The GGR of local operators is about €785 million. The indicator increases by an average of 23% per year, which attracts many foreign investors.

In 2020, the country adopted a gambling law. Its main task is to adapt the regulatory framework to the requirements of the European Union and create favourable conditions for doing business.

The state is not yet a member of the EU, although it has close economic and cultural ties with the political alliance.

Advantages of launching an iGaming startup in Serbia:

1. Low competition in the industry. The local market opened relatively recently, so it is not oversaturated with products from foreign brands. The authorities do not limit the number of operating online casinos, unlike land-based halls with slot machines. There should be no more than 10 of them for the whole country.
2. Long validity period of the permit. The document is issued for 10 years with the right to extend it under a simplified procedure.
3. Low government fees. Online casino owners must transfer €2,500 to the state treasury every month. The cost of running offline establishments is significantly higher — €500,000 per year.
4. Loyal fiscal burden. The tax rate is 10% with GGR. Businesses additionally transfer deductions for hired personnel, dividends, and withdrawn capital.
5. Minimal restrictions. For legal work, it is enough to connect AML and FATF payment verification, adding user verification by age and geolocation as well. The authorities prohibit players from placing bets in offshore casinos, but do not block such websites or impose fines.

To obtain a licence, a company must be registered in Serbia or one of the jurisdictions of the European Economic Area (EEA). The minimum authorised capital of the brand needs to be €250,000.

Promising Markets for Launching an iGaming Startup

The list of the best regions for implementing casino projects includes:

Significant Monopolisation of the Market

Despite the rapid development of gambling in the Balkans, in many countries, the niche is still controlled by state-owned companies:

• In Slovenia, the lottery and bookmaking business is under the influence of 2 monopolists — Loterija Slovenije and Športna Loterija.
• In Croatia, Hrvatska Lutrija is responsible for holding raffles and instant draws.
• In Serbia, the state lottery has the exclusive right to accept bids on bingo, keno, and scratch cards. The jurisdiction has also developed sports forecasting, reminiscent of online betting.
• In Kosovo, all types of gambling are strictly prohibited. The exception is the Lotaria e Kosoves local raffle.
• In Moldova, entrepreneurs are denied access to land-based and digital casinos. Bids on the results of rounds in slot machines, sports, and horse racing are accepted by the state body Loteria Nationala a Moldovei. The same company organises lottery draws.

The Main Things about Gambling in the Balkans

This region is considered one of the most promising ones for launching and scaling iGaming startups.

Key aspects that operators should take into account:

• The main advantages of the market: a growing economy, a stable political situation, a favourable business climate, and a developed gambling community. Most countries of the peninsula have introduced flexible taxation, which depends on GGR for the reporting period.
• The Balkans has a strong labour market, modern IT infrastructure, and broadband 5G coverage. Many top entertainment content providers are registered here. These are Endorphina, Playtech, Amusnet Interactive, Ezugi, BetSoft, Pragmatic Play, and other software vendors.
• To launch an iGaming startup, it is worth considering Romania, Greece, and Serbia. Croatia and Bulgaria are also promising in terms of investment, although high licensing fees may discourage investors.
• The region has a strong state monopoly, especially with regard to lottery draws. Similar practices are observed in Slovenia, Kosovo, Moldova, and other countries.

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