The National Betting Authority anticipates a 5.6 per cent increase in revenues for 2025, with the upward trend continuing for the next two years, MPs heard on Monday.

The House finance committee was reviewing the authority’s budget for fiscal year 2025. The balance sheet shows €56.1 million in revenues and €55.6 million in expenditures.

Revenues for 2026 and 2027 are projected to go up to €59.4 million and €62.8 million, respectively.

Of the revenues for this year, €42 million account for taxes on betting activity and games of chance. And of this amount, €23 million will come from the Cyprus franchise of Opap – the exclusive operator of numerical lotteries, retail sports betting games and horseracing betting in Greece.

Revenues from tax paid by authorised consignees (Class A and Class B) over the next two years are expected to tally at €44.5 million and €47 million, respectively.

Class A (land-based betting) and Class B (online betting) consignees must pay a 10 per cent tax on their net earnings.

The authority’s payroll expenses for 2025 (officials and employees) will come to approximately €2 million.

The authority meanwhile expects to recoup some €50,000 in unclaimed winnings from online betting this year. Under the law, if a winning punter cannot be located and credited within 24 months, the amount reverts to the betting authority.