Cyprus’s betting industry continues to expand, driven largely by online activity, but Finance Minister Makis Keravnos has warned that economic growth must be matched by stronger player protection and safeguards against gambling-related harm.
Speaking at the 9th Safer Gambling Conference in Nicosia this week, Keravnos said the sector’s contribution to the economy should not be measured by financial indicators alone. His remarks were delivered on his behalf by Lucy Herodotou Mouskou, director of financial management of the central government, at the event organised by the National Betting Authority (NBA).
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“This growth cannot and must not be assessed solely on the basis of economic indicators,” Keravnos said, pointing to regulation, transparency and citizen protection as equally important measures of progress.
He added that problematic gambling affects not only individuals but also their families, communities and the state, making prevention a central part of the industry’s long-term development.
Online Betting Drives Market Growth
Figures from the NBA show that total wagers placed through licensed land-based and online operators reached €360.1 million in the first quarter of 2026, up 12% from €320.9 million a year earlier.
Online betting accounted for most of the growth, with wagers rising 17% year on year to €273 million. Land-based betting generated €87.1 million.
After winnings were deducted, gross gambling revenue reached €45.9 million, an annual increase of 11%. Betting tax revenue stood at approximately €4.59 million.
Social Media Exposure Raises Concerns
Keravnos said safer gambling should be built into the daily operations of both the state and licensed operators, rather than treated as a formal compliance requirement. He also highlighted the exposure of children and young adults to gambling advertising and online content, stressing the importance of prevention and early intervention.
Research published by the NBA earlier this year found that 93% of people aged 18 to 35 had encountered gambling-related content on social media in the previous 12 months. Meanwhile, 89% had seen paid advertising from betting companies and online casinos, and 77% had come across gambling promotions by influencers.
The findings highlight the challenge facing regulators as digital platforms make gambling-related marketing increasingly visible to younger audiences.
AI And Monitoring To Strengthen Enforcement
Keravnos welcomed the conference’s focus on artificial intelligence and data analytics, saying these tools could help authorities identify emerging risks and improve player protection.
He said rapid technological change was forcing supervisory bodies to adapt their methods, strengthen their expertise and introduce more sophisticated monitoring systems. He also called for zero tolerance towards illegal gambling.
By the end of March 2026, the NBA had placed 22,415 websites on its blocking list, including 406 illegal sites newly identified in the first quarter. The figures illustrate the scale of the effort required to prevent unlicensed operators from reaching players.
Self-Exclusion And Treatment Measures Expand
The minister also highlighted Cyprus’s National Self-Exclusion Platform, launched in February 2024. It allows people to exclude themselves temporarily or permanently from all licensed online betting operators in the country.
Under its 2026–2028 strategic plan, the NBA aims to extend self-exclusion measures to land-based betting, strengthen treatment and rehabilitation programmes, and improve support for vulnerable groups.
Keravnos also welcomed educational initiatives organised during Safer Gambling Week in schools, universities, sports academies and the National Guard, alongside treatment services developed with the Cyprus National Addictions Authority.
Economic Growth Must Go Hand In Hand With Protection
Keravnos said the government of President Nikos Christodoulides remained committed to sound public finances while supporting households and strengthening citizen protection.
“The economic prosperity of a country cannot be separated from the protection of its people,” he said, arguing that people who gamble should be able to do so within safe limits and that the state has a duty to support those who exceed them.
