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.
