Cyprus Casinos Generate €529.7 Million in Gross Revenue by Mid-2024, Says Gaming Authority

The total gross gaming revenue from casinos in the Republic of Cyprus, from their opening in June 2018 until July 2024, has reached €529.7 million, with casino taxes amounting to €79.5 million and annual license fees totaling €31.7 million. This was revealed by Christos Mavrellis, President of the Cyprus Gaming and Casino Supervision Authority, during a presentation on Thursday. Mavrellis added that in 2023, the Authority collected €27 million in operating fees, casino taxes, and licensing fees, and this amount is expected to rise to €33 million in 2024.

These figures were presented alongside the launch of a new public information campaign aimed at promoting safe gambling practices. The campaign, according to the Authority, is designed to demonstrate the importance of self-control in gambling, allowing individuals to protect themselves from the risks of gambling addiction.

In his speech, Mavrellis outlined the role and mission of the Authority, which focuses on licensing and regulating land-based casinos in Cyprus. Beyond granting licenses and ensuring that casino operators and employees adhere to the regulatory framework, the Authority also has a responsibility to shield the public from the negative impacts of gambling, implementing preventive and deterrent measures.

“The conduct of casino games must be done in a safe, fair, and transparent manner,” Mavrellis stated, emphasizing the importance of ensuring that participants are fully informed about the risks involved. He stressed that it is vital for players to understand and manage any negative consequences that could affect minors and vulnerable groups.

To address these issues, the Authority has developed a Responsible Gaming Plan, which operates on three levels: preventing problematic gambling, offering support for treatment through government channels, and curbing illegal gambling activities. As part of this plan, the Authority has partnered with the FAROS center for the Prevention and Treatment of Problematic and Pathological Gambling, runs a free helpline (1422) for support with gambling problems, and recently launched the website gamblecontrol.com, where users can assess their gambling habits.

In addition to these efforts, Mavrellis highlighted the significant economic contributions of the casino industry in Cyprus. Since March 2018, the Authority has issued 2,613 licenses, including 1,341 for casino employees, 589 for casino executives, 185 for gaming equipment, 23 for gaming machine suppliers, and 465 for casino games. Revenues from casino operations up to July 2024 have generated €529.7 million in gross gaming revenue, €79.5 million in casino taxes, and €31.7 million in licensing fees.

Looking ahead, the Authority expects to collect €33 million in total operating fees, casino taxes, and licensing fees for 2024, an increase from the €27 million collected in 2023. Mavrellis also noted the establishment of a working group within the European Gaming Regulators Forum (GREF) in December 2023, focused on combating money laundering. He described this initiative as a testament to the recognition of the Authority’s work, citing Japan’s interest in acquiring expertise from Cyprus as it prepares to open its first casinos.

During the presentation, Executive Director Haris Tsaggaridis introduced a new communication campaign titled "You Can Control the Game." Tsaggaridis explained that the campaign aims to encourage players to set limits on their gambling, such as determining how much time and money to spend before entering a casino, and to promote the idea that players can take breaks or stop at any time. The campaign will also emphasize the self-exclusion option, which allows individuals to voluntarily exclude themselves from casino gaming.

Tsaggaridis stressed the importance of prevention through information, and noted that the campaign would run throughout the year across various media platforms.

Responding to questions, Mavrellis addressed a request from casino operators to increase the number of machines in satellite casinos, which is currently under review by the government. He also confirmed that the average return rate for casino gaming machines is 94%, and assured that the machines' operational standards are regularly inspected by the Authority's personnel.

Mavrellis concluded by announcing that starting in 2025, a new system will be introduced requiring the use of cards to participate in casino games. This technology will help collect detailed data on player behavior, assist in enforcing self-exclusion measures, and enable players to set gambling limits.

By fLEXI tEAM