The National Betting Authority (NBA) of Cyprus is projected to see a substantial revenue increase in 2024. According to its budget, an increase of 111.2% or €28 million is expected, largely due to anticipated revenue from the ongoing negotiations with OPAP Cyprus.

This development was a primary focus of the discussion in the Economic Committee meeting on Monday.

For 2024, the NBA's revenue is forecasted to reach €53.1 million, with projections for 2025 and 2026 indicating further increases to €56.8 million and €60.6 million, respectively.

Simultaneously, the Authority's expenses are expected to rise to €53 million, marking an increase of €28 million. This surge in expenses is attributed to a portion of the revenues being allocated to state expenditures. In the subsequent years of 2025 and 2026, expenses are anticipated to reach €56.2 million and €59.8 million, respectively.

Ioanna Fiakou, President of the NBA, informed the Committee about the significant growth in the betting sector. She highlighted that in 2023, the Authority conducted 5,500 on-site inspections and addressed approximately 150 public complaints and around 60 complaints related to illegal player activities annually.

She also noted a 15% increase in the betting sector's turnover in 2023 compared to 2022, with expectations of a similar trend in 2024. In 2022, the NBA imposed administrative fines totaling €86,500, with 92% of these fines being successfully collected. For 2023, fines amounted to €50,000, with 47% collected to date.

Christos Mavrellis, President of the Cyprus Gaming and Casino Supervision Commission, reported significant state revenues from the casino operations. Since its inauguration, the state has earned approximately €90 million. Mavrellis announced the hiring of the Commission's first permanent employees this year, with 35 positions approved.

Mavrellis provided insights into the casino's financial performance, revealing that its total receipts had reached €421 million to date. The state has garnered €63 million in taxes and €25 million in annual licensing fees, totaling around €90 million in state revenues.

He acknowledged that while the casino has not been 'very profitable' so far, initial operations indicated promising potential. However, the conflict in Israel temporarily impacted the casino's profitability, which is now showing signs of recovery.

Regarding the social impact of the casino's operation, Mavrellis highlighted its role in curbing illegal gambling. He cited the reduction of illegal casinos in Paphos and the British Bases and mentioned plans to expand the regional casino in Nicosia to prevent cross-border gambling in occupied areas.

Mavrellis also stressed the Commission's commitment to responsible gaming, mentioning collaboration with addiction authorities and KENTHEA for support services at the 'Faros' unit in Agios Athanasios. Additionally, he spoke about the Commission's active participation in European and international organizations addressing gambling-related issues.

The Gaming and Casino Supervision Commission's budget for 2024 has been set at €2.68 million, a reduction of 14.5% or €450,000 from the previous year. This budget will be entirely funded by state grants.