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.
Showing posts with label Cyprus. Show all posts
Showing posts with label Cyprus. Show all posts
April 17, 2024
Cyprus Betting Revenue Hits €1 Billion in 2023
October 04, 2021
Israeli billionaire escapes attempted assassination in Cyprus
An Israeli billionaire was saved at the last minute from an assassination plot in Cyprus several days ago, after being warned about the attempt, Channel 12 news reported on Sunday. The man was later named as Teddy Sagi, a well-known Israeli-Cypriot businessman who founded the gambling software company Playtech and owns Camden Market in London.
According to the report, Sagi, 49, was the target of an assassination plot in Cyprus due to debts he owes to Russian business partners. A hired killer of Azerbaijani origin was reportedly waiting for Sagi there. According to Walla News, the assassin holds a Russian passport.
But Sagi fled the country at the last minute, after receiving a warning of the plot from authorities, reported Channel 12. According to Ynet, the assassin was arrested in Cyprus days later, after he crossed the Agios Dhometios checkpoint in Nicosia from the Turkish-ruled northern part of the country.
The attempted attack was originally thought to be an Iranian plot to target Israelis, but authorities now believe it was specifically against Sagi, and Iran may not be involved at all. According to Forbes, Sagi is worth $5.6 billion, and is the fourth richest person in Israel.
Cyprus is home to about 3,500 Jews. It is a particularly popular vacation destination for Israelis, at less than an hour’s flight from Tel Aviv.
December 01, 2016
Cyprus to review OPAP lottery deal and start to ban online gambling sites
The Cyprus government now well into gambling following the decision to license the first casino resort earlier this year have now followed this by readying itself for the commencement of online sports betting with the National Betting Authority (EAS) preparing to block some 2,500 online gambling sites offering services to local players.
At this week’s House finance committee’s meeting the EAS said they were in the process of blocking those sites that were not operating in the guidelines of the 2012 governments legislation towards online poker, online casinos and sports betting, which are all currently banned.
In October this year the EAS started accepting license applications from online operators towards offering online sports betting and wanted to clear the operators who were not currently in the process and offering online gambling to Cypriots.
Also at the meeting the committee discussed the current agreement with Greek lottery firm OPAP which MPs said was costing them €1 million a month in lost tax revenues. OPAP and the Cypriot government signed an agreement in 2003 with OPAP paying €10 million a year in taxes to offer lottery services to players. That agreement seems to be coming to an end and the government is currently preparing new legislation that will offer the lottery service to a a lottery operator who will have to pay 24% tax on gross profits for a specific period of time and under specific conditions.
At this week’s House finance committee’s meeting the EAS said they were in the process of blocking those sites that were not operating in the guidelines of the 2012 governments legislation towards online poker, online casinos and sports betting, which are all currently banned.
In October this year the EAS started accepting license applications from online operators towards offering online sports betting and wanted to clear the operators who were not currently in the process and offering online gambling to Cypriots.
Also at the meeting the committee discussed the current agreement with Greek lottery firm OPAP which MPs said was costing them €1 million a month in lost tax revenues. OPAP and the Cypriot government signed an agreement in 2003 with OPAP paying €10 million a year in taxes to offer lottery services to players. That agreement seems to be coming to an end and the government is currently preparing new legislation that will offer the lottery service to a a lottery operator who will have to pay 24% tax on gross profits for a specific period of time and under specific conditions.
February 05, 2016
PartyPoker to return to 21 online gambling markets under GVC
PartyPoker returns to 21 new online gambling markets including jurisdictions it exited as part of its “volume to value” strategy.
PartyPoker has begun operating in a number of new national markets after GVC Holdings completed its deal to buy bwin.party.
Bwin’s online poker room has written to affiliates asking them to estimate the number of first time depositors they anticipate in each market.
New sign-ups from 18 countries in EU and South America served by bwin.Party were blocked in April 2013. The decision was likely a mix of regulatory concern and simple cost analysis. The remaining countries may represent markets either too small or simply unprofitable for bwin.party to maintain operations in.
Many EU countries on the list curbed or prohibited online poker such as Greece, Poland, Romania, Cyprus and Hungary. Finland and Serbia, on the other hand, had a small regulated online poker markets.
South American countries — Argentina, Brazil and Colombia — were also blocked same with three former Soviet Republics Armenia, Belarus and the Ukraine.
Many of the markets that PartyPoker is re-entering are expected to introduce online poker licensing systems such as Colombia, which opened a consultation on launching a regulated online gambling market. Brazil has approved a legislative attempt to legalize online sports betting, casino and bingo games last year.
Bwin.party group head of partypoker and Cashcade Tom Waters confirmed the news to EGR, saying that it had re-opened in a “limited number of regulated territories” following a “thorough review” of PartyPoker’s operations.
“Along with other operators in the industry, we do accept gameplay from customers based in yet to be regulated territories where customers are not prevented from accessing online gaming products,” said Waters. “We have re-opened registration for a number of markets and could potentially look to do more if the commercials support it.”
PartyPoker has begun operating in a number of new national markets after GVC Holdings completed its deal to buy bwin.party.
Bwin’s online poker room has written to affiliates asking them to estimate the number of first time depositors they anticipate in each market.
New sign-ups from 18 countries in EU and South America served by bwin.Party were blocked in April 2013. The decision was likely a mix of regulatory concern and simple cost analysis. The remaining countries may represent markets either too small or simply unprofitable for bwin.party to maintain operations in.
Many EU countries on the list curbed or prohibited online poker such as Greece, Poland, Romania, Cyprus and Hungary. Finland and Serbia, on the other hand, had a small regulated online poker markets.
South American countries — Argentina, Brazil and Colombia — were also blocked same with three former Soviet Republics Armenia, Belarus and the Ukraine.
Many of the markets that PartyPoker is re-entering are expected to introduce online poker licensing systems such as Colombia, which opened a consultation on launching a regulated online gambling market. Brazil has approved a legislative attempt to legalize online sports betting, casino and bingo games last year.
Bwin.party group head of partypoker and Cashcade Tom Waters confirmed the news to EGR, saying that it had re-opened in a “limited number of regulated territories” following a “thorough review” of PartyPoker’s operations.
“Along with other operators in the industry, we do accept gameplay from customers based in yet to be regulated territories where customers are not prevented from accessing online gaming products,” said Waters. “We have re-opened registration for a number of markets and could potentially look to do more if the commercials support it.”
April 24, 2013
Bwin.party look to withdraw from 18 countries.
Bwin.party have announced they are blocking players from 18 countries within the EU and also South America. Those countries involved are Greece, Poland, Romania, Cyprus, Finland, Serbia, Armenia, Belarus, Croatia, Hungary, Latvia, Lithuania, Macedonia, Slovenia, Ukraine, Argentina, Brazil and finally Colombia.
The move was announced to affiliates by the company on an email on Friday 19th April.
On the email it said that from the 30th April no new singups will be accepted from those countries and also there was a request that all marketing material aimed at those countries be removed. However all existing accounts will remain open, and affiliate commission to those accounts will continue to be paid.
It is thought the move is connected with those countries mentioned looking to reduce or prohibit online gambling within their borders in the future along with the commercial aspect that those mentioned are small in operating value and allows bwin.party to focus their efforts on more lucrative markets such as the US and more recognised and profitable regions such as the UK and Spain.
The move was announced to affiliates by the company on an email on Friday 19th April.
On the email it said that from the 30th April no new singups will be accepted from those countries and also there was a request that all marketing material aimed at those countries be removed. However all existing accounts will remain open, and affiliate commission to those accounts will continue to be paid.
It is thought the move is connected with those countries mentioned looking to reduce or prohibit online gambling within their borders in the future along with the commercial aspect that those mentioned are small in operating value and allows bwin.party to focus their efforts on more lucrative markets such as the US and more recognised and profitable regions such as the UK and Spain.
March 14, 2013
Cyprus could have casinos within two years
Land-based casinos could soon be on their way to the southern European island of Cyprus, declared the Commerce Minister in Parliament on Monday. The new Cypriot government, elected last month, has a new ideology on casino gaming that could quickly develop a new market.
Newly appointed Minister of Commerce, Industry and Tourism, Giorgos Lakkotrypis explained that he has appointed the Cyprus Tourism Organisation (CTO) to update a 2007 study looking at the introduction of casino gaming in the country. Asked if Cyprus could expect casinos within two years, the minister avowed, “Yes, this is what we hope.”
This was the first time Lakkotrypis has expressed his views on the matter with MPs since assuming his duties, and he stressed the urgency of casinos. Parliamentarians and the Minister agreed to continue their cooperation and a progress report will be submitted every two months. Establishing a plan to roll out casinos would only be done once the all the relevant information has been presented, the Minister affirmed.
Since the Republic of Cyprus was granted independence from Britain in 1960, all forms of gambling other than sports betting have remained strictly outlawed in the island nation. Gaming operators caught on to a flaw in the anachronous legislation, which did not provide any stature online gaming and between 2002-2010, Cyprus witnessed a gradual development of gambling shops advertised as casino kiosks.
New gambling legislation was unanimously passed by the government in 2012 to clarify the law. It gave OPAP a monopoly over sports betting and placed an official ban on online casinos, poker, slots, exchange betting and gambling advertising. The administration had stubbornly refused to even look at the possibility of opening a casino sector as part of the legislation, giving the EU incentive to explore the issue.
Demetris Christofias, President of Cyprus at the time, said that casinos are an “expression of corruption and can create a crisis to the system. My party has struggled for years against any establishment of casinos, and there will be none while Christofias is President.” However, it is widely reported that Cypriots are already spending millions gambling on illegal online games and casinos in the north.
The CTO study conducted 6 years ago, estimated that over €6m per year is also being spent on gambling by Greek Cypriots in the country’s Turkish-controlled north. It projected that the creation of casinos could generate millions in revenues and a significant boost in employment opportunities.
Newly appointed Minister of Commerce, Industry and Tourism, Giorgos Lakkotrypis explained that he has appointed the Cyprus Tourism Organisation (CTO) to update a 2007 study looking at the introduction of casino gaming in the country. Asked if Cyprus could expect casinos within two years, the minister avowed, “Yes, this is what we hope.”
This was the first time Lakkotrypis has expressed his views on the matter with MPs since assuming his duties, and he stressed the urgency of casinos. Parliamentarians and the Minister agreed to continue their cooperation and a progress report will be submitted every two months. Establishing a plan to roll out casinos would only be done once the all the relevant information has been presented, the Minister affirmed.
Since the Republic of Cyprus was granted independence from Britain in 1960, all forms of gambling other than sports betting have remained strictly outlawed in the island nation. Gaming operators caught on to a flaw in the anachronous legislation, which did not provide any stature online gaming and between 2002-2010, Cyprus witnessed a gradual development of gambling shops advertised as casino kiosks.
New gambling legislation was unanimously passed by the government in 2012 to clarify the law. It gave OPAP a monopoly over sports betting and placed an official ban on online casinos, poker, slots, exchange betting and gambling advertising. The administration had stubbornly refused to even look at the possibility of opening a casino sector as part of the legislation, giving the EU incentive to explore the issue.
Demetris Christofias, President of Cyprus at the time, said that casinos are an “expression of corruption and can create a crisis to the system. My party has struggled for years against any establishment of casinos, and there will be none while Christofias is President.” However, it is widely reported that Cypriots are already spending millions gambling on illegal online games and casinos in the north.
The CTO study conducted 6 years ago, estimated that over €6m per year is also being spent on gambling by Greek Cypriots in the country’s Turkish-controlled north. It projected that the creation of casinos could generate millions in revenues and a significant boost in employment opportunities.
July 09, 2012
Betfair drops 4.5% as Cyprus announces restrictions on online betting
Betting exchange group faces unexpected blow from new laws to limit gambling.
The beleaguered eurozone state said it would restrict online casino and poker as well as exchange betting. Betfair said Cyprus contributed around 4% of group revenues last year, and around £9m of profit. Its shares have lost 34p to 722p on the news, but it is taking advice on the legality of the move. It said:
The company believes the legislation contains serious flaws and, in certain areas, is inconsistent with European Union law.
Betfair...will be taking all necessary steps to reduce the impact on profitability through both legal action and cost management.
Analyst Michael Campbell at broker Daniel Stewart said he believed Cyprus also planned to introduce a new betting tax of 13% of gross profits.
This is another blow to Betfair's exchange betting business. The stock trades on around 6.6 times 2012 consensus EBITDA which appears reasonably priced, though our biggest concern remains whether other markets will, like Cyprus, ban exchange betting which will hamper the business's ability to grow outside of its core UK market.
Karl Burns at Shore Capital said full year forecasts were likely to be reduced after the news:
We retain our hold recommendation, highlighting that whilst we believe the exchange is a unique and highly cash generative business model, in addition to reporting strong underlying revenue growth recently, we continue to harbour concerns over the pace of exchange regulation in Europe, with Europe around 40% of group revenue, whilst comparatives will toughen through the year.
Overall markets have begun the week on a downbeat note, on renewed worries about the eurozone as Spain's 10 year bond yields climb above 10% again, ahead of the latest EU finance ministers meeting. The FTSE 100 is currently down 23.49 points at 5639.14.
Banks are mixed, with Barclays down 0.85p at 163.9p as the libor fixing scandal continues to cast a shadow over the group. But Royal Bank of Scotland has risen 1.1p to 202.6p as analysts at, yes, Barclays issued an overweight rating although they cut their price target from 340p to 270p.
Elsewhere the profit warning from JJB Sports, down nearly 30% at 7p, which blamed the weather and poor sales of Euro 2012 replica kits has helped push the rest of the sector lower. JD Sports is down 28p at 712p while Mike Ashley's Sports Direct International has dropped 1.8p to 308.2p. But Jonathan Pritchard at Oriel Securities remained positive on Ashley's business:
We do not think that the trends should be read across to Sports Direct - indeed that company's actions have caused JJB's problems.
Sports Direct has been aggressive in terms of replica kit pricing and stated as soon as Dick's arrived [to invest in JJB] that it would up the ante on price.
The beleaguered eurozone state said it would restrict online casino and poker as well as exchange betting. Betfair said Cyprus contributed around 4% of group revenues last year, and around £9m of profit. Its shares have lost 34p to 722p on the news, but it is taking advice on the legality of the move. It said:
The company believes the legislation contains serious flaws and, in certain areas, is inconsistent with European Union law.
Betfair...will be taking all necessary steps to reduce the impact on profitability through both legal action and cost management.
Analyst Michael Campbell at broker Daniel Stewart said he believed Cyprus also planned to introduce a new betting tax of 13% of gross profits.
This is another blow to Betfair's exchange betting business. The stock trades on around 6.6 times 2012 consensus EBITDA which appears reasonably priced, though our biggest concern remains whether other markets will, like Cyprus, ban exchange betting which will hamper the business's ability to grow outside of its core UK market.
Karl Burns at Shore Capital said full year forecasts were likely to be reduced after the news:
We retain our hold recommendation, highlighting that whilst we believe the exchange is a unique and highly cash generative business model, in addition to reporting strong underlying revenue growth recently, we continue to harbour concerns over the pace of exchange regulation in Europe, with Europe around 40% of group revenue, whilst comparatives will toughen through the year.
Overall markets have begun the week on a downbeat note, on renewed worries about the eurozone as Spain's 10 year bond yields climb above 10% again, ahead of the latest EU finance ministers meeting. The FTSE 100 is currently down 23.49 points at 5639.14.
Banks are mixed, with Barclays down 0.85p at 163.9p as the libor fixing scandal continues to cast a shadow over the group. But Royal Bank of Scotland has risen 1.1p to 202.6p as analysts at, yes, Barclays issued an overweight rating although they cut their price target from 340p to 270p.
Elsewhere the profit warning from JJB Sports, down nearly 30% at 7p, which blamed the weather and poor sales of Euro 2012 replica kits has helped push the rest of the sector lower. JD Sports is down 28p at 712p while Mike Ashley's Sports Direct International has dropped 1.8p to 308.2p. But Jonathan Pritchard at Oriel Securities remained positive on Ashley's business:
We do not think that the trends should be read across to Sports Direct - indeed that company's actions have caused JJB's problems.
Sports Direct has been aggressive in terms of replica kit pricing and stated as soon as Dick's arrived [to invest in JJB] that it would up the ante on price.
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