Rise of betting industry in Cyprus as FY23 financials released

Lea Hogg 1 month ago
Rise of betting industry in Cyprus as FY23 financials released

The betting industry in Cyprus has experienced a significant upturn, with the Gross Gaming Revenue (GGR) witnessing a 6 percent increase in 2023. The National Betting Authority of Cyprus has released the financial figures for both land-based and online betting for the fourth quarter and the entire year of 2023, providing a detailed insight into the industry’s performance.

The report categorizes the two types of betting as Class A and Class B, representing land-based and online betting, respectively. The fourth quarter saw a surge in comprehensive income, profit distribution, and GGR for both classes, indicating a positive trend across the industry.

The online sector (Class B) generated a GGR of over €19 million ($20.2 million) for the quarter, while the land-based sector (Class A) contributed €14.8 million to the total GGR. The combined GGR for both sectors reached €30.9 million, marking a 9 percent year-on-year increase.

The total comprehensive income for the fourth quarter of 2023 was €325.6 million, a 10 percent increase from the previous year. Of this, €235.1 million was attributed to Class B betting, and €90.5 million was generated by Class A betting.

When examining the full year’s performance, the total GGR was set at €123.4 million, reflecting a 6 percent growth rate compared to 2022. Class A GGR experienced a slight decrease of 0.2 percent to €54.5 million, while Class B saw a substantial rise of 12 percent to €68.9 million.

The total comprehensive income for the year exceeded the billion mark, reaching €1.1bn. The online sector continued to dominate, contributing €799.1 million (a 17 percent increase), while the land-based sector grew 12 percent year-on-year to €310.1m.

These figures reflect the robust growth and positive trajectory of the betting industry in Cyprus, with both land-based and online betting contributing significantly to the industry’s overall performance. The upward trend in GGR and comprehensive income indicates a promising future for the betting industry in Cyprus.

Regulatory changes expected in Cyprus

New regulations and initiatives are shaping the future of both land-based and online betting in Cyprus

In September, Cyprus launched updated safer gambling regulations. These new rules are designed to promote responsible gambling and protect consumers. They focus on four key areas: providing information to consumers to promote responsible gambling, requirements for safer gambling tools, stake and deposit limits, and improving safeguards to prevent underage gambling.

In addition to these safer gambling regulations, the National Betting Authority (NBA) of Cyprus has introduced a National Self-Exclusion Platform (NSEP). This initiative, launched on February 20, 2024, empowers players to take control of their gambling habits. It’s a significant step towards promoting responsible gambling and protecting vulnerable players.

The betting industry in Cyprus is also adapting to the digital age. With the increased adoption of cryptocurrencies by mainstream betting platforms, there’s a development of more sophisticated blockchain-based betting systems. This has led to enhanced regulatory frameworks tailored to cryptocurrency transactions, ensuring that the industry remains secure and trustworthy in the face of new technology.

These regulatory changes aim to promote responsible gambling, protect consumers, and adapt to the evolving landscape of the betting industry. It’s important to note that these changes may have a significant impact on both land-based and online betting sectors in Cyprus.

The betting industry in Cyprus is on a positive trajectory, with regulatory changes and new initiatives paving the way for a safer and more responsible future. The industry is not only adapting to changes but also proactively shaping its future, ensuring that it remains a vibrant and important part of Cyprus’ economy.

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