Income from betting has increased in Cyprus

The National Betting Authority of Cyprus reported that the total revenue for the third quarter of 2023 amounted to 259.4 million euros. This is 9% more than for the same period in 2022 and 35% higher than in 2021.

It is clarified that the figure relates to both bets placed in betting shops (Class A) and online bets (Class B). Class A bets brought in 70.9 million euros, while online bets amounted to 188.5 million euros. The profit of players in both classes also increased, reaching 232 million euros. This represents an 11% increase compared to 2022.

It is also noted that in the third quarter of 2023, the majority of the profit, 172.7 million euros, came from Class B players.

The total number of licensed Class A betting shops decreased by 2% to 490 across Cyprus.

Most betting shops are located in Nicosia – 169, followed by Limassol – 140, Larnaca – 88, Paphos – 54, and Famagusta – 39.

The total number of employees in licensed betting shops was 1472 people. This is 3% more than for the same period in 2022.

In addition, the Authority noted a 2% increase in illegal online gambling establishments. A total of 339 illegal websites have been added to the list, bringing the total number of identified illegal betting websites to 18,577.