Cyprus Betting Revenue Hits €1 Billion in 2023

 Cyprus’ betting sector witnessed growth in 2023, with the gross betting revenue reaching €1,109,209,082. This represents a 16% increase compared to the previous year (€959,557,906). The rise in revenue can be attributed to various factors, including the rise in both land-based and online betting activities.

The betting industry in Cyprus is divided into two categories: Class A (land-based betting) and Class B (online betting). In 2023, Class A recipients generated a total gross revenue of €90,487,835, while Class B recipients accounted for €235,113,629. These figures indicate an 8% increase for Class A and an impressive 17% increase for Class B compared to the previous year.

The profits of Class A and B players also experienced a significant boost in 2023, totaling €291,754,064. This represents a 10% increase compared to the corresponding period of the previous year. Class B players contributed the largest share of profits, amounting to €216,072,279.

Analyzing the quarterly revenue comparison for 2023, we observe a consistent upward trend. In Q4, the gross betting revenue of Class A and Class B recipients reached €325,601,464, marking a 10% increase compared to the same period in the previous year (€296,607,170).

Examining the betting receipts, we find that Class A and B receipts amounted to €33,847,400 in Q4 of 2023, reflecting a 9% increase compared to the corresponding quarter of the previous year (€30,934,442). Class A betting receipts reached €14,806,050, indicating an 8% increase, while Class B betting receipts amounted to €19,041,349, showing an 11% increase compared to Q4 2022.

The total number of licensed properties in Cyprus increased slightly by 2% in Q4 of 2023 compared to the corresponding quarter of the previous year. Currently, there are 490 licensed properties across the country. Nicosia leads with 170 properties, followed by Limassol with 139, Larnaca with 90, Paphos with 54, and Famagusta with 37 properties.

The betting industry in Cyprus has also created employment opportunities, with the number of people employed in licensed premises reaching 1,476. This represents a 4% increase compared to the corresponding period of the previous year.

Efforts to combat illegal gambling activities have intensified, with a 3% increase in the number of illegal websites blocked in Q3 of 2023. The total number of blocked illegal betting service websites now stands at 19,073.