Sustained Growth in Cyprus Betting Sector Revenue

Sustained Growth in Cyprus Betting Sector Revenue

Out of the Total Revenues, €70.94 Million Were Attributed to Class a Operators, While €188.50 Million Were Related to Class B Operators

For yet another quarter, the betting sector recorded an increase in revenues, confirming its dynamic and steady growth.

According to the financial results announced by the National Betting Authority for the third quarter of 2023, the gross revenues from Class A (land-based betting) and Class B (online betting) reached €259.44 million. This represents a 9% increase compared to the same quarter in 2022 (€238.18 million) and a 35% increase compared to the third quarter of 2021 (€192.09 million).

Out of the total revenues, €70.94 million were attributed to Class A operators, while €188.50 million were related to Class B operators. Gross revenues from Class A operators increased by 8% compared to the third quarter of 2022 and by 21% compared to the same period in 2021. Class B operators' gross revenues for the third quarter of 2023 recorded a 9% increase compared to the same period in 2022 and a significant 41% increase compared to 2021.

The profits for Class A and B players continued their upward trend for another quarter, amounting to €232.01 million. This marks an 11% increase compared to the corresponding period in 2022 and a 38% increase compared to the third quarter of 2021. Notably, the majority of these profits, specifically €172.73 million, were attributed to Class B players this quarter.

As for the betting acceptances of Class A and B, they totaled €27.43 million, showing an 8% decrease compared to the same quarter of the previous year (€29.71 million).

Regarding license cancellations or withdrawal of applications, there was a 44% increase compared to the same quarter in 2022. The employees working in licensed establishments numbered 1,472, registering a 3% increase compared to the corresponding period in 2022.

Illegal websites subjected to blocking increased by 2% compared to the second quarter of 2023, with a total of 339 illegal websites added to the list. It is noted that the list of illegal betting service websites now totals 18,577.

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