The national lottery’s surplus fell to €7.2 million in 2025, down from €8.8 million the previous year, the institute’s head Angelos Efthymiou confirmed on Friday.

Speaking with the Cyprus News Agency, Efthymiou said the surpluses are channelled into the state’s permanent fund, which also absorbs any prize money left unclaimed by winners.

He acknowledged that revenue had declined in recent years, making modernisation necessary.

“For this reason, the accountant-general has issued a tender, which is currently underway, for modernisation,” he said.

According to an announcement issued by the finance ministry in early August, the tender carries an estimated value of €1.23 million excluding VAT.

The €1.23 million figure covers a six-year advisory contract, not a single consultant’s salary, and shall fund a small team of legal and financial specialists across three stages; an initial six-month assessment phase, an eighteen-month to two-year implementation phase, and three years of technical support once the new model launches.

Within that total, €200,000 is set aside for additional assistance beyond the core scope, and €30,000 for a possible extension of support.

Bidders must show annual turnover of at least €2 million and prior experience advising state lotteries abroad worth at least €500,000, with commercial and legal experts each required to have a decade of relevant experience.

The final operating model has not been predetermined, with the cabinet to assess the contractor’s proposals before any changes are implemented.

Revenue for the current year is tracking at similar levels to last year, Efthymiou said, standing at around €12 million by the end of last month.

He said the lottery generated €21 million in revenue in 2024 and €19 million last year, with scratch cards accounting for 98 per cent of that income.

Prize payouts totalled around €10 million in 2024 and €9 million last year, representing roughly half of overall revenue.

He added that the payout rate for lucky lottery tickets exceeds 99 per cent, and that “all large amounts have been cashed out.”

The state lottery, which was first established in 1958, has seen sales markedly declined amid competition from its main rival Opap, a subsidiary of the multi-national gaming giant Allwyn.