Continued Growth in Cyprus’ Betting Sector
The National Betting Authority of Cyprus has released its financial results for Q4 of 2023, revealing a robust performance in the betting sector. The gross betting revenue for both Class A (land-based betting) and Class B (online betting) recipients saw an impressive 10 percent increase from the same quarter in the previous year, reaching €325,601,464. This upward trend is part of a broader pattern of growth within the industry.
Notably, the total gambling revenue for the year 2023 surpassed the billion-euro mark, totaling €1,109,209,082. This figure represents a significant 16 percent increase over 2022’s revenues. Class A recipients contributed €90,487,835 to this total, while a more substantial portion, €235,113,629, came from Class B recipients.
The breakdown of revenues shows that Class A recipient gross revenue grew by 8 percent in Q4 of 2023 compared to the previous year. The annual growth for Class A was recorded at 12 percent. Meanwhile, Class B recipient revenue for Q4 increased by 11 percent and saw an annual rise of 17 percent over the previous year.
Player profits have also seen a steady increase. For Q4 of 2023, profits reached €291,754,064, marking a 10 percent increase from Q4 of 2022. Over the entire year, player profits for both Class A and B increased by 17 percent. Class B players took the lion’s share of these profits, earning €216,072,279.
Betting receipts for both classes rose by 9 percent in Q4 of 2023 to €33,847,400. Class A betting receipts alone saw an 8 percent increase, while Class B receipts jumped by 11 percent compared to the same quarter in the previous year.
The number of licensed Class A properties edged up by 2 percent in Q4 of 2023, with Nicosia hosting the majority at 170 properties. Despite this growth, there was an 11 percent rise in license cancellations or application withdrawals.
The workforce in licensed premises has also expanded, with a 4 percent increase in employment numbers reaching 1,476 individuals. In line with efforts to regulate the market, the number of illegal websites blocked by authorities grew by 3 percent since Q3 of 2023, with the total list now encompassing 19,073 websites.
Overall, these figures underscore the robust health and continuous expansion of Cyprus’s betting activity, reflecting both increased engagement from bettors and effective regulatory measures to maintain a fair and legal betting environment.
