Cyprus' Gaming Sector Demonstrates Outstanding Revenue Growth

Last year, the industry's earnings exceeded €1 billion ($1.1 billion). It is a considerable result, as the niche now represents 3.72% of the country's GDP.

Key Highlights of the NBA's Report

The betting industry has experienced rapid growth over the past four years, with profits consistently increasing.

Important metrics showing the rise in wagering revenue:

• €620.8 million ($689.23 million) in 2020;
• €783.5 million ($870.98 million) in 2021;
• €960 million ($1 billion) in 2022.

By 2023, earnings hit €1.11 billion ($1.2 billion), marking a 10% rise from the previous year and an impressive 44% growth since 2021.

As per the report, the following disciplines remain player-favourite:

• football (both online and retail);
• basketball;
• tennis.

The authority also highlighted the growing popularity of e-sports betting, which has played a significant role in boosting overall revenues.

It is also worth noting that such progress has resulted in more workplaces. The number of employees in betting establishments rose from 1,223 in 2020 to 1,476 in 2023, marking a 21% incline. The sector's overall workforce now surpasses 1,700 people.

The NBA also emphasised its regulatory role, having carried out over 22,000 inspections in the past four years to ensure compliance. These checks resulted in fines totalling €288,100 ($320,267.81). Additionally, tax revenues from betting increased, with €12.4 million ($13.78 million) collected in 2023, up from €8.9 million ($9.89 million) in 2020.