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Longtime Offshore Sportsbook The Greek Closes Up Shop

Industry

The offshore sportsbook world suffered a recent casualty as The Greek announced that it was shutting down. Current players have the option of cashing out or transferring to BetCRIS.

Years ago, The Greek was considered an offshore heavyweight; willing to take sharp bettors and offer competitive limits. In 2011, however, it decided to halt service to U.S-based players and passed them along to Heritage. In 2013, The Greek’s legendary owner, Spiro Athanas, was arrested in New Hampshire for illegal bookmaking. Since then, The Greek has been somewhat of an enigma. It has a huge Twitter presence that seemingly caters to the U.S. with coverage on all of the major professional and collegiate sports league. There were rumblings that U.S. players, via referral or being in-the-know, could play at The Greek on credit but its client base was obviously limited hence the decision to close up shop.

For all the talk about legalized sports betting’s boom, we’re curious to see how it impacts the offshore sportsbook world moving forward. To most bettors, the limits (CRIS), menu options (5Dimes), and reduced juice (Pinnacle) offshore remain more appealing than what Las Vegas and other newly developed U.S.-based sportsbooks offer. The caveat however is access. Getting money offshore and collecting winnings can require a lot more effort than driving down to your local sportsbook or using a phone app. It’s really setting up to be a “house divided” with serious bettors sticking to the more attractive offshore product and recreational bettors going the route of “ease of use.”