Cyprus Betting Sector is booming and flourishing in an incredible pace
During the period 2015 - 2019, as reflected in the latest financial data of the Cyprus National Betting Authority, €1.8 billion was placed in bets by both local and foreign players. The astronomical amount was attributed to both categories (Category A= traditional provision of betting services through local licenced centres and Category B= electronic/online) of betting in Cyprus.
Indicatively, it is presumed that the receivables have been tripled over the years:
- 2015: €135,7 Million
- 2016: €198,3 Million, increase of 46%
- 2017: €526,7 Million, increase of 165% – tripled since previous year
- 2018: €670,8 Million, increase of 27%
- 2019 (limited to first semester only): €360,3 Million – increased compared to the fiscal results of the same period during previous year
Winning awards were proportionate to the betting amounts stipulated above:
- 2015: €106,5 Million
- 2016: €157,6 Million, increase of 47%
- 2017: €456,3 Million, increase of 189%
- 2018: €581,6 Million, increase of 27%
- 2019 (until end of June): €320,6 Million
The competent Authority (NBA), reported an increase of 4% in the gross income of Class A and Class B recipients, which was € 176.4 million, compared to the corresponding period of 2018, which amounted to € 169.1 million. Not surprisingly, compared to the second quarter of 2017, revenues increased by 43%.
Category B – the electronic platform for betting, has been the favourite amongst users during the latest years. The financial statistics in the below table are referring to the second quarter of 2019 and clearly reflect the above statement. The same applies as to the biggest share of winnings for the same period that is calculated around € 100.5 Million.
Category A – local/traditional
Category B – electronic/online
Besides all the aforementioned, increase has also been noted (since the beginning of 2019) regarding the amounts used for betting games by the average user.
The Government of the Republic of Cyprus received around €27 Million from both betting categories and the sum of €5.4 Million from contributions paid by recipients who provide betting services to the National Betting Authority.
Fans of betting games can easily spot an officially licenced centre in the island, since their number has increased throughout the years. Currently, there are 554 centres in total; 182 in Nicosia, 173 in Limassol, 97 in Larnaca, 59 in Paphos and 43 in Ammochostos area. Nevertheless, betting services can be now accessed anywhere and anytime due to the radical advantages in technology available on our fingertips.
Evidenced from all the above, no-one can deny that the Cyprus Betting Sector is booming and flourishing in an incredible pace.