The National Betting Authority has reported stable performance for Cyprus’s betting sector in the first quarter of 2025, with total gross revenues reaching €320.9 million. The figure is nearly identical to the €321.5 million recorded in the same period of 2024 but represents a sharp 20% rise compared with early 2023.

Breaking down the results, €87.8 million came from land-based operators (Class A) and €233.1 million from online platforms (Class B). Class A revenue rose by 4% year-on-year, while online betting slipped slightly by 2% but remains 22% higher than two years ago.

Player winnings amounted to €279.4 million, down 2% compared with 2024, though still 19% above 2023 levels. The bulk of payouts, €208.5 million, went to online players. Meanwhile, operator earnings (betting proceeds) grew to €41.5 million, marking a 15% annual increase. Class A earnings rose 11% to €16.9 million, and Class B earnings climbed 17% to €24.6 million.

The number of licensed betting shops continues to shrink, with 453 outlets operating across Cyprus at the end of March — a 4% drop from last year. Nicosia hosts the largest share (162), followed by Limassol (127), Larnaca (85), Paphos (51), and Famagusta (34). Employment in licensed outlets also dipped 5% year-on-year, to 1,393 staff. On the regulatory side, cancellations and withdrawals of licenses fell by 38%.

Authorities also stepped up efforts to combat illegal gambling. In the first quarter alone, 322 unlicensed betting websites were added to the national blocking list, which now includes 21,311 domains.