€12.9 million in revenue collected from gambling sector in 2021

The betting sector in Cyprus has rebounded, reaching pre-COVID-19 levels in the fourth quarter of 2021, according to financial data released by the National Betting Authority (NBA) on Tuesday.   Throughout 2021, the state has collected a total of €12.9 million from taxes and required contributions. 

According to the results for Q4, the comprehensive income of Class A and B bookmakers amounted to €226.3 million, marking an increase of 16% year on year. Throughout 2021 the bookmaker’s comprehensive income amounted to €783.5 million, compared with €620.8 million in 2020 and €766.7 million in 2019.

State revenue from the 10% taxation in 2021 amounted to €9.9 million while the state received an additional €2.97 million in 2021 from a 3% contribution.

Under the Betting Authority law, bookmakers pay a 3% of net revenue contribution of which 1.5% is allocated to the National Football Federation, 0.5% to other Cypriot team sports federations, while the remaining 1% shall is used by the Betting Authority to support programs for the protection of minors and gambling addicts.

Furthermore, the number of gambling sites blocked rose by 2% compared with the third quarter of 2021, with 335 illegal sites blacklisted by the Authority.

In a statement, Ioanna Fiakou, President of the NBA said that the fourth quarter results reflect the growth prospects of the betting sector which recovered at a fast pace from the impact of the pandemic and from the restrictive measures.

“The National Betting Authority’s aim is to improve the gambling sector by strengthening supervision and the introduction of innovative tools and technologies, always with the aim to protect the vulnerable groups and the general public,” Fiakou added, according to a press release.