Cyprus betting sector breaks records with €1 billion revenue

The revenues of the betting activity in the Republic of Cyprus recorded an upward trend for another quarter, confirming the dynamic and stable growth of the sector.

According to the financial results announced by the National Betting Authority for the fourth quarter of 2023, the gross betting revenue of Class A (terrestrial betting) and Class B (online betting) recipients amounted to €325,601,464, recording a 10% increase compared to the same quarter of 2022 (€296,607,170).

Total gross betting revenue for the year 2023 exceeded one billion euros, reaching €1,109,209,082, recording an increase of 16%, compared to 2022 (€959,557,906).

Of the total revenue, €90,487,835 relate to Class A recipients, while €235,113,629 relate to Class B recipients.

Gross revenues of Class A recipients increased by 8%, compared to the fourth quarter of 2022, while the total for the year 2023 recorded an increase of 12% compared to the total revenues for the year 2022.

Gross revenues for Class B recipients in the fourth quarter of 2023 recorded an increase of 11% compared to the same quarter in 2022, while the total for Class B revenues increased 17% compared to the total for the year 2022.

In addition, Class A and B players' earnings were also on a steady upward trend for another quarter, amounting to €291,754,064, recording an increase of 10% compared to the corresponding period in 2022, while the total earnings of Class A and B players for the year 2023 showed an increase of 17% compared to the total for the year 2022.

Τhe largest share of profits, namely €216,072,279, was for another quarter attributable to Class B players.

In terms of Class A and B betting earnings, these amounted to €33,847,400, registering an increase of 9%, compared to the same quarter last year (€30,934,442).

In particular, in the fourth quarter of 2023, Class A betting revenues amounted to €14,806,050, an increase of 8% compared to the same quarter of 2022, while Class B betting revenues amounted to €19,041,349, an increase of 11% compared to the same quarter of 2022.

According to the National Betting Authority, during the year 2023 there was a slight increase of 6% in Class A and B betting earnings compared to the year 2022.

The total number of Class A establishments in the fourth quarter of 2023 increased slightly by 2%, compared to the same quarter in 2022. In particular, the number of licensed establishments amounts to 490 nationwide.

Most of them are located in Nicosia where there are 170 establishments. Limassol follows with 139 establishments, Larnaca with 90, Paphos with 54 and Famagusta with 37 establishments.

In terms of license cancellations or application withdrawals, there was an 11% increase compared to the same quarter in 2022. Employees in licensed establishments amount to 1,476, recording an increase of 4%, compared to the same period last year.

Blocked illegal websites increased by 3% compared to the third quarter of 2023, as a total of 496 illegal websites were added to the list. As stated, the list of illegal betting services websites now includes 19,073 websites.