A recent case in Patras highlights the scale of the issue, where authorities broke up a 43-member criminal group allegedly abusing bonus systems on online betting platforms and making over €1.5m ($1.76m) illegally.
 

Key Points

The regulator is tightening oversight of online betting operators to stop users from exploiting bonuses through fake or multiple accounts

It is stepping up inspections and KYC checks, although real-time data sharing with banks and authorities remains limited
 

The Greek Gaming Commission (EEEP) is tightening controls to combat bonus abuse, where users create multiple or fake accounts to repeatedly claim betting promotions.

Under the current regulatory framework, each player is allowed to hold only one account, where all transactions, bets and identification data are recorded.

A recent case in Patras highlights the scale of the issue, where authorities dismantled a criminal organisation of 43 people allegedly involved in exploiting bonus systems on online betting platforms, and who illegally profited by more than €1.5m ($1.76m).

Members engaged in fraudulent online betting practices, including bonus abuse and arbitrage betting, using a large number of proxy accounts.

They carried out mass registrations on betting platforms using third-party identity information purchased for a fee, creating the false appearance of unique users.

The EEEP has intensified its oversight mechanisms, carrying out targeted and thematic compliance inspections of operators, with a particular focus on bonus terms, identity verification procedures and monitoring of suspicious transactions.

“The authority systematically monitors compliance by providers and examines indications that may suggest abusive practices such as the creation of multiple accounts,” EEEP sources told local media.

Licensed operators are required to apply strict Know Your Customer (KYC) procedures and continuous monitoring.

“In cases of violations, administrative penalties are imposed, while serious cases may be referred for criminal investigation,” the Commission sources added.

Responsibility lies not only with users but also with companies, which must design systems and promotional offers that are resistant to abuse.

Despite increased enforcement, there is currently no unified real-time data sharing system between regulatory authorities and banks.

 

 

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#Greece #Compliance #KYC #Fraud #OnlineBetting #Regulation