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Cyprus Betting Industry: Key Growth Trends And Insights For Q3 2024

by THEFUTURE.TEAM

February 6, 2025

The Cypriot betting sector has shown consistent growth across both land-based and online platforms, continuing its positive trajectory through Q3 2024. The National Betting Authority (NBA) reported a 13% increase in revenue year-on-year, reflecting a robust performance despite changing dynamics in the market.

Revenue Breakdown: Strong Gains In Both Sectors

For the third quarter of 2024, total betting revenue reached €292 million, with €214.6 million generated by online operators (Class B), and €77.3 million coming from land-based operators (Class A). Online betting continues to dominate, with Class B showing a 14% growth compared to Q3 2023, and a notable 24% increase since Q3 2022.

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Class A Operators: €77.3 million (+9% YoY)
Class B Operators: €214.6 million (+14% YoY)

Player Winnings: A Significant Increase

Player winnings across both categories rose to €255 million, a 10% increase compared to the same period last year. Notably, the majority of this total (€191.3 million) came from online players, showing continued dominance in digital betting.

Total Player Winnings: €255.2 million (+10% YoY)
Class A Winnings: €63.8 million
Class B Winnings: €191.3 million

Betting Earnings: Online Surge

Betting earnings showed an impressive increase across both land-based and online operators, with a combined total of €36.8 million. The most significant growth was observed in online betting (Class B), which saw a 48% rise year-on-year, compared to the 16% growth of land-based operators (Class A).

Total Betting Earnings: €36.8 million (+34% YoY)
Class A Earnings: €13.5 million (+16% YoY)
Class B Earnings: €23.3 million (+48% YoY)

Trends In Licensed Establishments And Employment

While the number of licensed land-based establishments fell slightly by 3% to 475, the sector remains widespread across Cyprus. The employee count in licensed establishments grew by 3%, reaching 1,518 individuals.

Licensed Locations: 475 (-3% YoY)
Employees in Betting Establishments: 1,518 (+3% YoY)

Illegal Betting And Regulatory Actions

The NBA’s commitment to fighting illegal betting continued in Q3 2024, with a 1% increase in the number of blocked illegal websites, bringing the total to over 20,700 sites. This effort reflects growing concerns over the regulation of online gambling in the region.

New Illegal Betting Sites Blocked: 259 sites (+1% from Q2 2024)
Total Blocked Sites: 20,733

The betting industry in Cyprus is experiencing sustained growth, driven primarily by online operators. The consistent increase in both revenue and player activity, along with the growing efforts to combat illegal betting, indicates that Cyprus is likely to maintain its upward momentum in the coming quarters.

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Cyprus Government Accuses International Media Of Exaggerating Drone Incident

by THEFUTURE.TEAM

March 13, 2026

Cyprus’s government spokesperson, Konstantinos Letymbiotis, issued a pointed rebuke to international media on Thursday, accusing them of exaggerating the island’s situation following an Iranian-made drone strike last week. Speaking at the presidential palace, Letymbiotis stated that some international reports have presented a distorted picture of the situation in Cyprus.

Media Exaggeration And National Stability

According to the government spokesperson, several international media outlets have portrayed developments in Cyprus in a way that does not reflect conditions on the ground. “What is being presented internationally is an image with a high degree of exaggeration,” Letymbiotis said, adding that daily life on the island continues normally. The statement was intended to reassure both residents and international audiences amid heightened regional tensions.

Sustained Tourism And Restored Connectivity

Letymbiotis also addressed concerns about the tourism sector, noting that most airline schedules have resumed. Although the Cyprus Chamber of Commerce and Industry has reported cancellations and slower booking activity, the government maintains that Cyprus remains a functioning tourist destination.

Preventative Measures And Diplomatic Outreach

Authorities have also implemented several precautionary measures in response to the regional situation. These include the presence of naval vessels from five European Union member states and the temporary deployment of four Greek F-16 fighter jets in the region. Visits by French President Emmanuel Macron and Greek Prime Minister Kyriakos Mitsotakis were also highlighted as signs of European political support for Cyprus.

Clarifying The Context

Government officials have sought to emphasise that the measures taken are precautionary and do not reflect an emergency within the country. Letymbiotis reiterated that Cyprus continues to operate normally as a member state of the European Union.

Assessing Security At The Airbase

Responding to questions about meetings held at an airbase during visits by foreign leaders, Letymbiotis explained that such locations allow officials to review coordination of ongoing security measures. He noted that these visits were intended to evaluate preparedness and cooperation among partners rather than to signal a deterioration in the security situation.