Cyprus betting revenue hits €259.4 million in third quarter of 2023

Cyprus’ National Betting Authority on Wednesday reported a total revenue of €259.4 million for the third quarter of 2023, marking a 9 per cent increase from the same period in 2022 and an increase of 35 per cent from 2021.

The authority clarified that this figure refers to both in-shop betting (Class A) and online betting (Class B).

Breaking it down, in-shop betting (Class A) brought in €70.9 million, while online betting (Class B) added €188.5 million.

Class A earnings went up by 8 per cent from 2022 and 21 per cent from 2021, and Class B saw a 9 per cent increase from 2022 and of 41 per cent rise from 2021.

Profits for both Class A and B players also increased, reaching €232 million, showing an 11 per cent increase from 2022 and a significant 38 per cent growth from Q3 in 2021.

Notably, the majority of the profits, €172.7 million, came from Class B players during this quarter.

Despite the overall revenues, Class A and B combined saw a slight decrease, totalling €27.4 million, reflecting an 8 per cent drop from the same quarter in 2022.

Specifically, Class A betting earnings decreased by 14 per cent to €11.7 million, and Class B betting earnings decreased by 2 per cent from the Q3 of 2022.

Looking at licensed betting entities, the total number of Class A decreased by 2 per cent, amounting to 490 across Cyprus, with Nicosia having the most at 169, followed by Limassol with 140, Larnaca with 88, Paphos with 54, and Famagusta with 39.

However, there was a significant increase of 44 per cent in license cancellations or application withdrawals compared to the same quarter in 2022.

The workforce employed in the licensed premises totalled 1472, showing a 3 per cent increase from the same period in 2022.

Additionally, the Authority noted a 2 per cent increase compared to the Q2 of 2023, with a total of 339 illegal websites added to the list. The current account stands at 18,577 illegal betting service websites.