Cyprus' National Betting Authority (NBA) has declared a 79% surge in gambling revenue for 2023 compared to 2020, making the sector a main contributor to the local economy.
The gaming niche surpassed € 1 billion ($ 1.1 billion) in profit last year. It is a substantial result, as the industry now represents 3.72% of the country's GDP.
Key Facts and Figures
The wagering sector rapidly expanded over the last four years, and profits steadily grew.
Key figures reflecting betting revenue increase:
- € 620.8 million ($ 689.23 million) in 2020;
- € 783.5 million ($ 870.98 million) in 2021;
- € 960 million ($ 1 billion) in 2022.
By 2023, revenues reached € 1.11 billion ($ 1.2 billion), reflecting a 10% increase compared to the previous year and a substantial 44% jump from 2021.
The most popular disciplines are as follows:
- football (both retail and online);
- basketball;
- tennis.
The authority also noted the increasing popularity of e-sports betting, contributing to the overall rise in revenues.
The industry provides stable support for the economy, creating new possibilities and challenges for all engaged parties, as well as the conditions to draw foreign investments.
Additionally, such growth resulted in more working places. The number of employees in betting facilities increased from 1,223 in 2020 to 1,476 in 2023, marking a 21% rise. The industry's total workforce now exceeds 1,700 people.
The NBA also highlighted its role in regulating the industry, ensuring compliance through over 22,000 inspections conducted during the last four years. These checks led to the imposition of fines totalling € 288,100 ($ 320,267.81). Tax revenues generated from betting also grew, with € 12.4 million ($ 13.78 million) collected in 2023, compared to € 8.9 million ($ 9.89 million) in 2020.
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