Cyprus Betting Revenues Soar

Cyprus has seen an increase in betting revenue during the third quarter of 2023. According to the National Betting Authority, the total revenue reached €259.4 million, marking a 9% increase compared to the same period in 2022 and a notable 35% increase from 2021.

The in-shop betting sector, classified as Class A, generated €70.9 million in revenue during the third quarter of 2023. This represents an 8% increase from 2022 and a substantial 21% rise from 2021. It is worth noting that the majority of the profits, amounting to €172.7 million, came from online betting (Class B) during this quarter. Despite the overall success, Class A and B combined witnessed a slight decrease, totaling €27.4 million, reflecting an 8% drop from the same quarter in 2022.

Class A betting earnings decreased by 14% to €11.7 million in the third quarter of 2023, compared to the previous year. The decline in revenue may be attributed to various factors, such as changing consumer preferences and the increasing popularity of online betting platforms. However, licensed betting entities operating in Class A experienced a 2% decrease in numbers, totaling 490 establishments across Cyprus. Nicosia had the highest number of Class A betting entities with 169, followed by Limassol with 140, Larnaca with 88, Paphos with 54, and Famagusta with 39.

Online betting, classified as Class B, contributed significantly to the overall revenue, generating €188.5 million during the third quarter of 2023. This represents a 9% increase from 2022 and an impressive 41% rise from 2021. The surge in online betting revenue showcases the growing popularity and accessibility of digital gambling platforms among consumers.

Class B betting earnings increased by 2% from the third quarter of 2022. Despite the slight growth, the online betting sector remains a profitable and thriving industry in Cyprus. The revenue generated by Class B players accounted for the majority of the total profits, amounting to €232 million. This represents an 11% increase from 2022 and a significant 38% growth from the third quarter of 2021.

The combined profits of both Class A and B players reached €232 million during the third quarter of 2023. This marks an 11% increase compared to the same period in 2022 and an impressive 38% growth from the third quarter of 2021. The substantial growth in profits highlights the positive trajectory of Cyprus’ betting industry.

The licensed premises in the betting industry employed a total of 1,472 individuals during the third quarter of 2023. This represents a 3% increase from the same period in 2022 and indicates the industry’s contribution to employment opportunities in Cyprus. However, the number of licensed betting entities operating in Class A decreased by 2%, totaling 490 establishments across the country.

While the licensed betting industry thrives, the presence of illegal betting websites remains a concern. During the third quarter of 2023, the National Betting Authority identified a 2% increase in the number of illegal websites compared to the previous quarter, with a total of 339 websites added to the list. The current account stands at 18,577 illegal betting service websites, highlighting the ongoing efforts to combat illegal gambling platforms.