Cyprus Betting Revenues Increase by 13% in Third Quarter of 2024

Cyprus’ betting industry saw a 13 per cent year-on-year increase in revenues during the third quarter of 2024, according to figures released by the National Betting Authority on Wednesday. The report detailed that total betting revenues from both Class A (retail betting in physical shops) and Class B (online betting) operators reached €292.01 million, reflecting a notable rise compared to the same period in 2023.

Compared to the second quarter of 2024, which recorded revenues of €287.89 million, the latest figures show a more modest increase of 2 per cent. Of the total revenues, Class A operators generated €77.36 million, while Class B operators contributed a significantly larger portion of €214.65 million.

The gross revenue of Class A operators increased by 9 per cent year-on-year and by 18 per cent compared to the third quarter of 2022. Meanwhile, Class B operators experienced a 14 per cent growth from 2023 and a 24 per cent rise from the same period in 2022. Total player winnings across both categories amounted to €255.20 million, representing a 10 per cent increase from the third quarter of 2023 and a 22 per cent rise compared to 2022. The majority of winnings, totaling €191.38 million, came from online betting.

Betting commissions collected by Class A and B operators surged to €36.80 million, marking a 34 per cent increase from the same period in 2023, when commissions stood at €27.43 million. Specifically, commissions from Class A operations reached €13.54 million, reflecting a 16 per cent rise from 2023, while Class B commissions saw a significant 48 per cent increase, reaching €23.27 million.

The total number of Class A betting establishments in Cyprus saw a slight decline, decreasing by 3 per cent compared to the third quarter of 2023, with 475 licensed establishments operating across the country. Nicosia had the highest concentration with 167 establishments, followed by Limassol with 131, Larnaca with 90, Paphos with 52, and Famagusta with 35. At the same time, licence cancellations and withdrawals increased by 38 per cent compared to the same quarter in 2023.

Employment in licensed betting establishments saw a 3 per cent rise from the previous year, with the total number of employees reaching 1,518. Illegal betting websites also saw a slight increase, with 259 additional sites being blocked in the third quarter of 2024, representing a 1 per cent rise from the previous quarter. The total number of blocked illegal betting websites now stands at 20,733, highlighting ongoing efforts to combat unlawful gambling activities in Cyprus.

By fLEXI tEAM