The betting sector accounts for 3.72% of Cyprus’ GDP, according to George Panteli, Director General of the Ministry of Finance. Speaking at the 7th Safe Gaming Conference, which officially launched Safe Gaming Week, a seven-year initiative established by the National Betting Authority (NBA), Panteli emphasized the sector’s role in Cyprus’ economic development.

In a statement issued by the NBA, Panteli, speaking on behalf of Finance Minister Makis Keravnos, praised the evolution of the betting industry into a significant pillar of the Cypriot economy. He acknowledged the NBA’s efforts over the past decade in developing the sector within a regulated environment, ensuring public safety and the protection of vulnerable groups. He also highlighted the importance of fostering a culture of safe gaming.

Panteli noted that the government is carefully evaluating concerns related to comprehensive bans on betting and gambling activities. He expressed the government’s willingness to consider all stakeholders’ views and discuss future steps, aiming to combat illegal activities while protecting players, vulnerable groups, and the general public.

Christina Christoforou, Head of Safe Gaming & Operational Development at the NBA, reiterated that the Authority continues its efforts to effectively regulate and oversee betting activities. This includes ensuring public interest, promoting economic growth and market sustainability, and combating illegal operations, while also addressing public health and safety concerns.

Christoforou emphasized that over the past seven years, the NBA has worked to eliminate the stigma associated with gambling and problematic behavior. She acknowledged the ongoing threat posed by the illegal market and affirmed the NBA’s commitment to fighting it.

In this direction, the NBA has submitted a revised bill to the Minister of Finance, ensuring adequate player protection, with a particular focus on minors and other vulnerable groups. The bill also supports the sustainable development of the sector and positions the Republic of Cyprus as a center for growth and innovation.