Betting gets ever bigger in Cyprus

Betting activity revenues in the Republic of Cyprus recorded an upward trend for another quarter, confirming the dynamic and stable growth of the sector.

According to the financial results announced by the National Betting Authority of Cyprus for the fourth quarter of 2023, the gross betting revenue of Class A (terrestrial betting) and Class B (online betting) recipients amounted to 325,601,464 euros, recording a 10% increase compared to the same quarter of 2022 (€296,607,170).

Total gross betting revenue for the year 2023 exceeded €1 billion, reaching €1,109,209,082 and recording an increase of 16%, compared to 2022 (€959,557,906). Of the total revenue, €90,487,835 relates to Class A recipients, while €235,113,629 relates to Class B recipients.

Gross revenues of Class A recipients increased by 8% compared to the fourth quarter of 2022, while the total for the...