Cyprus Betting Sector Accounts for 3.72% of GDP, Finance Ministry Director Reveals at Safe Gaming Conference

The betting industry in Cyprus now represents 3.72 per cent of the country's GDP, according to George Panteli, director general of the finance ministry. Speaking at the 7th Safe Gaming Conference on Tuesday, Panteli highlighted the sector's growing significance within the Cypriot economy, stating, “The betting sector has evolved into a pillar of development for the Cypriot economy, reaching 3.72 per cent of the country’s GDP.”

The conference coincided with the launch of Safe Gaming Week, an initiative introduced by the National Betting Authority (NBA) in 2018. Panteli praised the authority for its pivotal role in fostering the sector’s growth over the past decade, while also ensuring a regulated environment that prioritizes safety and public protection. He emphasized that the NBA has particularly focused on protecting vulnerable groups and promoting a culture of safe gaming.

Panteli also addressed concerns within the betting and gambling sectors regarding blanket bans. He reassured attendees of the government’s openness to dialogue with all stakeholders, expressing a willingness to consider different perspectives in order to address illegal activities and enhance protection for players, vulnerable groups, and the general public.

Christina Christoforou, head of safe gaming at the National Betting Authority, underscored the authority’s ongoing commitment to regulating the sector, promoting public interest, and fostering both economic development and market sustainability. She emphasized that the NBA has made significant strides in eliminating the stigma traditionally associated with gambling.

“We have strived to eliminate the stigma associated with gambling participation and problematic behaviour over the past seven years,” Christoforou said. “Through continuous efforts, effective regulation, oversight of the sector, addressing challenges, and appropriate partnerships, we have largely destigmatised most issues. Players can now share their concerns and seek help when needed without fear of social isolation.”

Despite this progress, Christoforou acknowledged that illegal gambling continues to be a significant challenge, warning of its “serious threat” and the negative consequences it poses. “The authority is committed to combating this issue,” she affirmed.

In her remarks, Christoforou further noted the need for additional legislative measures to strengthen both the sustainability of the betting sector and player protection. To this end, the NBA has submitted a revised bill to the finance ministry, aimed at ensuring “adequate protection for players, with a particular focus on minors and other vulnerable groups.”

“This bill also aims to enhance the sector’s sustainable development and establish the Republic of Cyprus as a hub for development and innovation,” she added.

By fLEXI tEAM