Robust Market Expansion In Cyprus

The Cyprus betting market continued its upward trajectory in the third quarter of 2025, with aggregate gross revenue from Class A and Class B operators climbing 7% year-on-year to €312.5 million, according to figures released by the National Betting Authority (NBA). This represents a significant 20% increase from the corresponding period in 2023, underscoring robust momentum within the sector.

Online Betting Dominates

During the July to September quarter, online betting remained the primary driver of sector activity. The digital transition reflects broader industry trends, where enhanced technological platforms and a shift in consumer behavior continue to redefine the competitive landscape.

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Detailed Revenue Breakdown

Within the market, Class B operators led revenue generation with €235.7 million, while traditional Class A land-based establishments contributed €76.8 million. Notably, although gross revenue for Class A operators slightly dipped 1% compared to Q3 2024, it still posted a 7% improvement over two years. In contrast, Class B revenue surged 10% year-on-year, marking a 25% increase from the same period in 2023.

Player Payouts And Earnings

Player payouts collectively reached €277.5 million, a 9% increase over the previous year and a 20% rise over 2023, with online bettors receiving the lion’s share of €214.3 million. Despite this growth, overall betting earnings—defined as the net difference between pay-ins and pay-outs—declined by 5% to €35 million. This downward trend was reflected across both segments, with Class A earnings falling by 1% to €13.6 million and Class B earnings decreasing by 8% to €21.4 million.

Market Dynamics And Operational Adjustments

The number of licensed Class A betting premises experienced a slight contraction, dropping 2% year-on-year to 465 outlets. The distribution of these premises included 165 in Nicosia, 133 in Limassol, 83 in Larnaca, 48 in Paphos, and 36 in Famagusta, accompanied by a parallel 2% reduction in employment figures among betting shop staff, which now stands at 1,495.

Enhanced Regulatory Compliance

The NBA also reported improvements in regulatory compliance. Licence cancellations and withdrawals fell by 28% compared to Q3 2024, demonstrating a tightening of oversight. Simultaneously, efforts to curtail unlicensed activities intensified, with the list of blocked unlicensed betting websites expanding to 21,825 by the end of September – including 192 new additions during the quarter, a 5% annual increase.