Cyprus Business Now

The National Betting Authority this week announced that it recorded a 24 per cent year-on-year increase in gross betting revenue during the third quarter of 2022, generating €238.1 million, compared to €192.08 million in the same quarter of 2021.

In addition, gross betting revenue, which includes both class A and B license holders, which comprises both physical and online betting, has risen by 39 per cent compared to the same quarter of 2020.

Of the total income, €65.61 million pertains to Class A license holders, while €172.55 million pertains to Class B license holders.

The gross income of Class A license holders recorded a slight increase of 1 per cent, compared to the third quarter of 2020 and an increase of 12 per cent compared to the third quarter of 2021.

Class B license holders’ gross revenues recorded an increase of 63 per cent compared to the second quarter of 2020 and an increase of 29 per cent compared to the corresponding quarter of 2021.

Moreover, according to the data of the National Betting Authority, the profits of both Class A and B license holders are also on a steady upward trend, amounting to €208.47 million, marking an increase of 43 per cent, compared to the third quarter of 2020, and 24 per cent compared to the corresponding period of 2021.

The largest share of the profits during the third quarter, a figure of €156.46 million, once again concerned online betting, which the authority refers to as Class B players.

According to the authority’s announcement, president Ioanna Fiakkou stressed that the results of the third quarter of 2022 confirm in the best possible way the growth prospects of the betting sector in Cyprus.

“The non-negotiable objective of the National Betting Authority remains the sustainable development of the sector through bolstered supervision and the application of new technologies and modern tools, while implementing policies and initiatives to protect players, vulnerable groups and society at large from harmful consequences of gambling,” Fiakkou said.

Deposits in the Cypriot banking system experienced a slight decrease after three months of increases in November 2022 and amounted to €51.7 billion, according to a report released on Thursday by the Central Bank of Cyprus (CBC).

At the same time, total loans continued their downward trend for the fifth consecutive month, falling to €27.1 billion, while total liquidity amounted to €24.6 billion.

According to the data, total deposits in November 2022 recorded a net decrease, excluding changes resulting from reclassifications, exchange rate changes and other adjustments, of €13.2 million, compared to a net increase of €434.5 million in October 2022.

The annual rate of change came in at minus 0.1 per cent, compared to a positive 0.9 per cent in October 2022, the report explained.

Moreover, total loans in November 2022 recorded a net decrease of €19.2 million, compared to a net decrease of €171.9 million in October 2022, recording a decrease for the fifth consecutive month.

The annual rate of change reached 0.8 per cent, compared to 0.9 per cent in October 2022.

Finally, the report noted that the balance of total loans in November 2022 reached €27.1 billion.

The Cyprus Stock Exchange (CSE) ended Thursday, December 29 with losses.

The general Cyprus Stock Market Index was at 89.15 points at 13:30 during the day, reflecting a drop of 0.31 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 53.75 points, representing a decrease of 0.33 per cent.

The total value of transactions came up to €94,620.

In terms of the sub-indexes, the main and hotel indexes fell by 0.54 per cent and 0.38 per cent respectively, while the alternative and investment firm indexes rose by 0.45 per cent and 0.39 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (-0.88 per cent), the Cyprus Cement Public Company (+2.75 per cent), Demetra Holdings (+0.42 per cent), Lordos United Public (-2.94 per cent), and Hellenic Bank (-1.37 per cent).