Betting sector accounts for over 3.5% of GDP
The betting sector represents 3.72 per cent of Cyprus’ GDP, director general of the finance ministry George Panteli said on Tuesday addressing the 7th Safe Gaming Conference.
The conference marked the start of Safe Gaming Week, an initiative established by the National Betting Authority in 2018.
“The betting sector has evolved into a pillar of development for the Cypriot economy,” Panteli said, “reaching 3.72 per cent of the country’s GDP”.
He congratulated the authority for its work and significant contribution to the sector’s development over the past decade “in a regulated environment that promotes safety and public protection, particularly for vulnerable groups, and the cultivation of a safe gaming culture”.
Panteli also said the government is assessing concerns regarding blanket bans in the betting and gambling sector.
He conveyed the government’s readiness to listen to the views of all stakeholders and discuss the next steps, focusing on combating illegal activities and protecting players, vulnerable groups, and the wider public.
Head of safe gaming at the National Betting Authority Christina Christoforou highlighted the authority’s ongoing efforts to effectively regulate and oversee betting activities, safeguard public interest, foster economic development and market sustainability, while combatting illegal practices in the sector.
“We have strived to eliminate the stigma associated with gambling participation and problematic behaviour over the past seven years,” she said.
“Through continuous efforts, effective regulation, oversight of the sector, addressing challenges, and appropriate partnerships, we have largely destigmatised most issues. Players can now share their concerns and seek help when needed without fear of social isolation.”
Christoforou, however, emphasised that illegal gambling “remains a serious threat, posing various negative consequences”.
“The authority is committed to combating this issue.”
Furthermore, she added that the sustainability of the sector and player protection need to be further strengthened through legislative measures.
“To this end, the authority submitted a revised bill to the finance ministry, ensuring adequate protection for players, with a particular focus on minors and other vulnerable groups.
“This bill also aims to enhance the sector’s sustainable development and establish the Republic of Cyprus as a hub for development and innovation.”