Players from Israel, Cyprus, and Jordan topped the list of nationalities spending the most on cash wagers at casinos in 2024, according to data submitted to House institutions committee.

They were followed by players from France, Greece, Cuba, Ukraine, Syria, Russia, and Saudi Arabia.

The figures, presented during discussions on a proposed law to lift the €10,000 cash transaction limit for casino gambling, show that Israelis wagered €93 million in cash last year.

Cypriots followed with nearly €78 million, while Jordanians spent €11.5 million.

Meanwhile, French and Greek players each wagered close to €7 million, with Kuwaitis spending around €5 million.

Syrians and Ukrainians bet nearly €4 million in cash, while Russians and Saudis exceeded €2 million.

Reports show that in 2024, the average cash transaction per visit exceeded €1 million.

In addition, for larger transactions involving inbound or outbound cash flows of over €10,000, the average amount reached €30 million.

Meanwhile, the customs department informed lawmakers that €667,000 was declared as casino-related cash upon entry by 24 individuals in 2024, while €1.1 million was declared on exit by 15 individuals from non-EU countries.

Additionally, a single EU citizen declared €22,600 in liquid assets when leaving Cyprus.

However, no cash declarations were made by EU nationals upon entry.

From 2021 to early 2025, a total of €2.7 million was declared as casino cash on entry by 74 individuals, with a similar amount declared on exit by 47 people.

Of these, 62 individuals from non-EU countries declared €2.6 million upon arrival, while 12 EU nationals declared €344,000.

On departure, 41 individuals from non-EU countries declared €2.8 million, while six EU nationals declared €227,000.

The proposed law, submitted by Diko president Nicholas Papadopoulos and MPs Marinos Moussiuttas, Alekos Tryfonides and Andreas Themistocleous, seeks to remove the €10,000 cash limit for casino transactions.

However, this push comes just months after lawmakers passed new cash restrictions in line with EU regulations set to take effect in 2027.

As reported by stockwatch, that law, introduced by the committee chairman and Disy MP Demetris Demetriou was designed to limit large cash transactions across all sectors.

The revised casino exemption proposal, now incorporating suggestions from the legal service and other stakeholders, will be reviewed again by the committee before any decision is made.

Despite concerns about cash controls, casino operators insist that the industry remains overwhelmingly cash-driven.

A representative of the Cyprus Gaming and Casino Supervision Commission told lawmakers that 94 per cent of casino transactions are made in cash.

It argued that “strict controls are already in place, reducing the risk of money laundering.”

Each month, the commission noted that casinos process 40,000 transactions, totaling €32 million in cash.

However, not everyone is on board with the exception though.

Representatives from the legal service, the Central Bank of Cyprus, the Cyprus Securities and Exchange Commission (CySEC), the Association of Cyprus Banks, the Institute of Certified Public Accountants of Cyprus (ICPAC), and the Cyprus Bar Association have all raised concerns.

The Cyprus Bar Association, in a statement to the committee, warned that giving casinos special treatment could create legal inconsistencies.

Its representative, Pantelis Christofides, stressed that equality before the law is a fundamental principle of the constitution.

He added that if casinos receive an exemption, other regulated industries could challenge the law, arguing that they too should be allowed to bypass cash restrictions.