According to the Gambling and Problem Gambling in the Republic of Cyprus: 2022 national quantitative survey, 55% of the participants said that they gambled within the last year, with gambling revenues in 2023 exceeding €1 billion, indicating that gambling is extremely popular in the island, particularly among men between the ages of 18 and 34. The most common forms of gambling in Cyprus are lotteries and scratch cards, accounting for 49.5% of all adults questioned, followed by sports betting with 10.2%.

The body responsible for the regulation of gambling in Cyprus is the National Betting Authority (NBA), which supervises bookmakers, while also blocking illegal sites. Furthermore, the Cyprus Gaming & Casino Supervision Committee (CGC) oversees land-based casinos and all of their operations.

The National Betting Authority was established in 2012, followed by the Casino Supervision Commission in 2015. Before these bodies were created, the regulatory framework for gambling in Cyprus was limited, leading to irregularities and a largely unsupervised market.

Academics have been long researching and analysing the correlation between habitual gambling and psychology. Questions such as ‘What drives people to gamble time and again?’ and ‘What feelings are gamblers chasing?’ have intrigued scientists and psychologists since the late 19th century. 

Decades of research and experimentation have drawn a direct line between obsessive gambling and chemical reactions happening in our brain, as according to them, gambling activates our reward system, particularly the mesolimbic dopamine pathway, which is also the path of our brain associated with drug addiction. Small wins or even near misses trigger this reaction within the minds of gamblers, reinforcing their behavior and making gambling an inherently rewarding affair, even in reality, it can be debilitating. 

Gambling provides a stimulating but dangerous blend of excitement, risk, and potential reward that is quite similar to other forms of thrill-seeking, making it a high hazard for the development of unhealthy behavioral patterns by those involved.

The relationship between gambling the economy is complex, but research suggests that in times of economic uncertainty, luck based gambling increases. While the extent of this may vary from country to country, the rise of the gambling market is projected to grow even higher by 2030.

A 2022 survey conducted by CyStat indicated that 34.8% of the people asked were unable to handle unexpected expenses, leaving them in a dire situation, potentially looking for an ex machina financial saviour in the form of a big payout jackpot.

In Cyprus, gambling is governed by two key laws: the Betting Law of 2012 and the Casino Operations Law of 2015. The Betting Law distinguishes between Class A licences for land-based betting shops and Class B licences for online betting, though it prohibits online casino games such as slots, roulette, or poker. Operators must verify player identities, maintain accounts for at least five years, and keep customer funds separate to ensure transparency. The National Betting Authority enforces these rules, supervising bookmakers and blocking illegal sites.

Casinos, meanwhile, are regulated by the 2015 Casino Operations Law, which granted an exclusive 30-year licence to develop one Integrated Casino Resort (ICR) and up to four satellite casinos, with exclusivity lasting 15 years. This law created the Cyprus Gaming and Casino Supervision Commission (CGC), tasked with licensing, compliance checks, and protecting the public from gambling-related harms. Under the law, casinos must implement anti-money laundering controls, enforce strict age verification, and provide responsible gambling tools.

To better protect people from the risks of gambling, Cyprus can strengthen its efforts beyond regulation by investing in comprehensive prevention and support programs. This includes expanding public awareness campaigns on the dangers of addiction, integrating gambling education into schools, and ensuring easy access to confidential counseling and rehabilitation services. Stricter limits on advertising, clearer self-exclusion mechanisms, and collaboration with health professionals could further safeguard vulnerable groups. By treating gambling not only as a regulated industry but also as a public health issue, Cyprus can strike a healthier balance between economic benefit and the well-being of its citizens.