George Daskalakis, Co-Founder and CEO of Kaizen Gaming, outlined the company’s remarkable evolution from a 20-person local startup into a global decacorn, sharing insights into overcoming the Greek financial crisis and the pandemic, learning from failure and pursuing a vision to make Betano the world’s most trusted iGaming brand.
Daskalakis shared these reflections during a fireside chat titled “Crazy Enough to Try: From Greece to the Globe” at the Panathenea festival in Athens, a modern reimagining of the ancient Greek festival designed to bring together technology ecosystems, startups and investors.
Building a Decacorn Against the Odds
Kaizen Gaming began its journey in 2012, bootstrapped without ever raising external capital, with a team of just 20 people. The business was launched through the Greek brand Stoiximan, which was gradually acquired by Greek retail monopoly OPAP, now part of Allwyn, from 2018 onwards. The proceeds were reinvested into talent, technology and the development of the company’s international brand, Betano.
Today, Kaizen Gaming operates across 20 markets in Europe, the Americas and Africa, employing approximately 3000 people worldwide.
“With just 20 people and a €700k investment, we managed to build a decacorn from Greece,” Daskalakis told the audience, reflecting on the commitment required to scale the business.
Forged in Crisis: Turning Adversity into Opportunity
Daskalakis spoke candidly about the major macroeconomic disruptions that tested and strengthened the company’s resilience.
“The defining moment for Kaizen Gaming came in 2015, when capital controls and the closure of banks in Greece wiped out nearly all of the company’s revenue overnight. The sources of 93% of our customers deposit methods were switched off,” Daskalakis revealed.
The COVID pandemic in 2020 wiped out half of the company’s business due to the global suspension of live sport. However, having already navigated the challenges of the financial crisis five years earlier, the team was confident it could once again turn adversity into opportunity.
In both instances, after the initial shock, Kaizen Gaming responded quickly and decisively. The company doubled down on the Greek market in 2015 while many international operators shifted their focus elsewhere, emerging as one of the market’s biggest winners just a few months later.
Failing Forward and Thinking Globally
International expansion did not come without setbacks. Daskalakis openly discussed the company’s initial failure in Poland, citing mistakes in market entry strategy, recruitment and localisation, which ultimately led to the closure of operations within a year.
Applying those lessons in Romania soon afterwards helped the company unlock a formula for international growth. Daskalakis encouraged the next generation of entrepreneurs to adopt a global mindset from the outset.
“When we first expanded, we were building for Greece and not for the world. My advice to B2C founders is: Start locally but keep a global mindset in the way you build from day one, especially in the era of AI,” he said.
The Vision: Number One in the World
Moving away from financial valuations, which Daskalakis noted were “never the goal”, he emphasised that the real reward comes from building a company and seeing the talent it develops compete successfully on the global stage. “Profits are the applause,” he said.
Looking ahead, Kaizen Gaming remains focused on international expansion and delivering a premium customer experience.
Already ranked among the top five iGaming brands globally and consistently recognised as “Operator of the Year” at major international industry awards, the company is also leveraging Betano’s high-profile partnership as an Official Supporter of the FIFA World Cup 2026.
“Our vision is for Betano to become the number one, most trusted brand in the world in our industry,” Daskalakis said.
Advice for Founders: Stay Grounded and Choose the Right Partners
Concluding the discussion, Daskalakis shared personal advice for entrepreneurs, highlighting the importance of strong partnerships and maintaining balance outside of work.
“Choose the right partners,” he said, making special mention of his business partner and Kaizen Gaming Co-Founder, Dimitris Maris. “Stay in control of your company if you can or otherwise choose carefully who you bring into it as a partner; you might be better off rejecting a bigger ticket now in order not to pay the price down the road.”
Finally, he urged entrepreneurs not to lose sight of who they are beyond their businesses.
“Don’t lose yourself. Life is so much more than a company,” he said, encouraging founders to protect relationships with family and friends and maintain “non-productive” hobbies. At the same time, he acknowledged that “to build something special, you have to be obsessed about it.”
