Cyprus betting revenue hits €287.8m in Q2, up 12 per cent year-on-year

Gross betting revenue in Cyprus reached €287.8 million during the second quarter of 2024, according to the National Betting Authority.

The authority clarified that this figure refers to both in-shop betting (Class A) and online betting (Class B). 

According to the financial results announced by the National Betting Authority for Q2 of 2024, the gross betting revenue reached €287.8m, marking a 12 per cent increase compared to the corresponding quarter of 2023, €256.5m.  

Moreover, gross betting revenue saw a 41 per cent rise compared to Q2 of 2022, €203.7m. 

Breaking it down, online betting (Class B) continues to drive much of this growth, with revenues reaching €211.6m, while in-shop betting Class A brought in €76.2m. 

The former saw a notable 15 per cent increase compared to Q2 of 2023 and a 47 per cent surge when compared to Q2 of 2022.  

Meanwhile, Class A recorded a more modest, yet solid, 6 per cent year-on-year rise and a 27 per cent increase over two years.  

Similarly, player profits across both betting categories mirrored this upward trend, totalling €248.6m for the quarter, marking a 9 per cent increase from the same period in 2023 and a 40 per cent rise compared to 2022.  

It is noteworthy that the largest share of profits, an amount of €188m, was for one more quarter for Class B players. 

According to the authority, in terms of betting earnings, the combined revenues from Class A and Class B betting in Q2 2024 amounted to €39.2, recording a 36 per cent rise compared to the corresponding Q2 2023, €28.8.

Specifically, Class A betting revenues saw a 19 per cent rise to €15.6m, while online betting showed an increase of 50 per cent to €23.5m.  

The number of licensed Class A betting entities in Cyprus saw a 4 per cent decline from last year, totalling 473 venues across the island. Nicosia remains the leader with 166 establishments, followed by Limassol with 132, Larnaca with 90, Paphos with 52, and Famagusta with 33.

Despite this small contraction in physical properties, employment in licensed betting establishments grew by 3 per cent, with a total of 1,468 employees in Q2 2024. 

On the regulatory front, there was a notable 12 per cent increase in the number of unlicensed Class B betting websites blocked in the second quarter of 2024 compared to the same period last year.  

Finally, as reported, the number of illegal betting service websites now stands at 20,474.