The total gross revenue of the betting market in Cyprus reached €1,224,576,082 in 2024, marking a 10% increase compared to 2023, according to the National Betting Authority (NBA).

For the fourth quarter of 2024 (October–December), the gross gaming revenue (GGR) from Class A (retail betting) and Class B (online betting) licensees stood at €323,184,347, reflecting a marginal 1% decrease from Q4 2023 (€325,601,464). However, the full-year data shows a robust 10% annual increase, affirming sustained growth in the sector.

Online Betting Leads the Way

In Q4 2024:

• Class A GGR totaled €86,396,615, showing a 5% decline from Q4 2023 but a 3% increase compared to Q4 2022.

• Class B GGR reached €236,787,732, with a 1% rise over Q4 2023 and 11% growth compared to Q4 2022.

Player Winnings Decline in Q4, Rise Annually

Player winnings for Q4 2024 amounted to €277,686,311, reflecting a 5% drop from the same quarter in 2023. Class B winnings accounted for €209,572,859 of that total. Despite the quarterly dip, total player winnings for 2024 rose to €1,066,904,183, up 8% year-on-year.

Betting Proceeds Climb by 34% in Q4

Combined betting proceeds from Class A and B licensees for Q4 2024 were €45,498,036, a 34% jump from Q4 2023 (€33,847,400):

• Class A proceeds: €18,283,163, up 23%

• Class B proceeds: €27,214,873, up 43%

Fewer Retail Outlets, Slight Drop in Employment

The number of licensed Class A premises dropped by 6%, totaling 463 outlets nationwide:

• Nicosia: 162

• Limassol: 129

• Larnaca: 87

• Paphos: 51

• Famagusta: 34

Employment in licensed outlets fell by 1%, reaching 1,468 workers. There was also a 10% decrease in license cancellations and withdrawals compared to Q4 2023.

The NBA reinforced efforts to combat illegal betting activity. In Q4 2024, 257 unauthorized websites were added to the blocking list, representing a 10% increase over Q4 2023. The total number of blocked sites now stands at 20,990.