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20 June, 2024
 
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Cyprus targets gambling addiction with new GESY proposal

Cyprus betting sector sees 11% revenue jump, boosts economy

Newsroom

In January 2024, the National Betting Authority submitted a comprehensive proposal to the Minister of Health, advocating for the inclusion of treatment for gambling-related behavioral disorders in GESY, Cyprus' healthcare system.

According to an article by Maria Eracleous, published in Kathimerini's Wednesday's edition, recent data revealed that 1.5% of Cypriots are considered problematic gamblers, while 55.3% engage in betting or gambling activities, with scratch-off lotteries being the most popular choice.

According to EAS President Ioanna Fiakkou, the newly launched self-exclusion platform for players aims to address addiction issues within the gambling community. In 2023, earnings for Class A and Class B players increased by 11% compared to the previous year, highlighting the sector's significant contribution to the economy.

Efforts to modernize gambling legislation are underway, with proposed changes focusing on fair service provision, prevention of illegal activities, and player protection. Despite concerns about problem gambling, research indicates that the majority of Cypriots view betting and gambling as a form of entertainment.

Fines totaling around €85,000 and €90,000 were imposed in 2022 and 2023, respectively, for various violations such as illegal services and non-compliance with regulations. The authority emphasizes proactive measures to safeguard players and maintain market integrity.

A new self-exclusion platform (www.exclusion.cy) allows players to voluntarily restrict their access to licensed online betting companies. Initially targeting Class B license holders, the platform aims to expand across the sector and may include specific population groups in the future.

TAGS
Cyprus  |  health  |  betting  |  economy  |  finance

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