Galakos was born on November 23, 1951 in Greece but his family emigrated to Germany where he first played football for Fortuna Duesseldorf (1972, 1973). He returned to Greece and played for Olympiakos in the period 1974-1981 before committing the unthinkable deed in the eyes of Olympiakos supporters, by signing with Panathinaikos. Galakos played for the greens between 1982 and 1985. He retired after playing in 256 Alpha Ethniki matches.
Galakos was capped 36 times by the National Football Team of Greece, scoring 5 goals.