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Cyprus Gaming Authority Reports 20% Revenue Surge Amid Regional Pressures

by THEFUTURE.TEAM

February 2, 2026

Members of Parliament have been briefed on the Cyprus Gaming and Casino Supervision Commission’s fiscal framework for 2026, which outlines a balanced budget of €3.68 million and a rise in casino performance.

Robust Growth In Casino Revenues

During the review, Commission Chairman Pieris Chourides said that despite an 8.24% increase in operating expenses, the casino’s financial performance remains strong. Estimated gross revenues are expected to approach €227 million in 2025, roughly 20% higher year over year and elevated by European standards. The regulator said it will continue monitoring risks and refining its analysis to support this growth.

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Competitive Pressures And Strategic Considerations

The Commission is facing regional competition. Chourides cited two developments: the planned opening of a casino in Elliniko, Greece, and a forthcoming venue in the United Arab Emirates. The market is also affected by about 30 casinos operating in the occupied territories, with projections that a similar number could open within the next three years. In response, executives are considering options such as expanding the satellite casino in Nicosia to retain local demand.

Enhanced Player Experience And Market Dynamics

Executive Director Harris Tsangarides noted that the Nicosia facility does not offer the same scale or amenities as the Limassol integrated resort, reflecting a broader industry shift toward experience-focused gaming. International visitors mainly arrive from Israel, the United Kingdom, Germany, Greece, and Armenia, and the authority said it is adjusting its approach to meet changing expectations.

Commitment To Responsible Gambling

Responsible gaming remains a central focus. Around 10% of funds are allocated to prevention and treatment programs run in cooperation with the Gaming Authority and local addiction services, including the Faros Foundation. The initiatives aim to expand access to support for vulnerable groups and address illegal online gambling. Measures include cooperation with technology providers to restrict mobile access to unlicensed platforms.

Looking Forward

Discussions are underway regarding a potential merger with the National Betting Authority or other regulatory bodies. As the Commission prepares for legislative changes in payment protocols, it remains clear that while casino performance is robust, the integrated resort segment continues to face challenges. Moving forward, strategic adjustments and market adaptations will be key to sustaining long-term growth.

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Cyprus Reduces Fuel Tax By 8.33 Cents As Prices Continue To Rise

The latest surge in fuel prices is putting unprecedented pressure on consumer purchasing power, forcing government intervention amid volatile global energy markets. Historic highs at the pump have compelled officials to enact further consumption tax cuts in a bid to stabilize household budgets while international trends remain unpredictable.

Government Intervention And Policy Measures

Authorities plan to approve an 8.33 cent per liter reduction in consumption tax on premium unleaded gasoline and diesel, effective from April 2026. This will be the third intervention since 2022, when fuel prices rose following the Russian invasion of Ukraine, and after a further adjustment in November 2023.

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Historical Context And Comparative Analysis

Fuel prices have increased over recent years. In March 2022, premium unleaded stood at €1.442 per liter and diesel at €1.500. By November 2023, prices rose to €1.550 for gasoline and €1.709 for diesel. As of March 2026, gasoline reached €1.571 per liter and diesel €1.819. Compared with 2023 levels, gasoline prices increased by 1.8 cents per liter, while diesel rose by 10.9 cents.

Global Market Dynamics Impacting Local Prices

International benchmarks continue to influence domestic fuel prices. Brent crude remains above $100 per barrel, while the price of heavy Brent oil has increased by about 58% since February 2026. Market indicators such as the Platts Basis Italy index show increases of 52% for gasoline, 89% for diesel, and 88% for heating oil. These trends affect import costs and pricing across the local market.

Consumer Concerns And The Search For Relief

The planned tax reduction may provide short-term relief for transport fuels. Heating oil prices remain higher, reaching about €1.30 per liter, approximately 6 cents above previous levels. No tax reduction has been announced for heating fuel. According to Konstantinos Karagiorgis, reliance on private vehicles increases the impact of fuel price changes on households, given limited public transport options.

Outlook And Future Considerations

The tax reduction is expected to offset part of the recent increase in fuel costs. Consumer groups, including the Cyprus Consumer Association, have called for similar measures on heating oil. Further developments will depend on global energy prices and geopolitical conditions.