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Cyprus’ casino industry is bracing for new competition, with upcoming casinos in Greece and the United Arab Emirates expected to shake up the local market, officials said Thursday.
Speaking before the Parliamentary Finance Committee, Pieris Houridis, president of the Cyprus Gaming and Casino Supervision Authority, said the Authority is preparing operational plans to address these pressures while also keeping an eye on a potential casino expansion in Nicosia, which could help retain players who might otherwise travel to casinos in the occupied territories.
Despite the looming competition, Cyprus’ casinos remain strong performers. Gross revenue for 2025 is estimated at €227 million, a 20% increase over 2024, putting the island ahead of many other European casino markets. The Authority itself operates independently and focuses on risk management, with financial data showing solid performance for the casinos under its supervision.
The Authority’s 2026 budget totals €3.68 million, with operating expenses up 8.2%, reflecting the growing scope of its work. Houridis emphasized that the integrated casino-resort, which falls outside the Authority’s direct control, did not meet previously set targets, underscoring the need for careful monitoring of the sector.
Responsible gambling remains a priority. Around 10% of the Authority’s resources are directed to programs addressing problem gambling, in partnership with the Gaming Authority, the Addictions Authority, and the “Faros” Foundation. Officials say these initiatives are showing results, and the goal is to increase access to support for vulnerable players.
Houridis also noted that the main markets for casino patrons include Israel, Cyprus, the United Kingdom, Germany, Greece, and Armenia, highlighting the island’s reliance on both local and international players.
Looking ahead, the Authority is exploring potential mergers with other gambling oversight bodies, including the National Betting Authority, though no formal plans have been finalized.
“With new international competitors on the horizon and potential domestic expansion, it’s crucial we balance growth, risk management, and responsible gambling,” Houridis told lawmakers.
