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Gambling and betting are becoming more popular in Cyprus. Last Friday, the National Betting Authority (NBA), Cyprus's betting regulator, issued an update on income for the sports betting market. Nevertheless, on Monday, it informed government officials that greater measures are required.
According to the NBA, total gross gaming revenue (GGR) for 2022 will be €959.55 million (US$1.02 billion). This represented a huge 22% increase over 2021.
In the fourth quarter, the GGR of Class A (land-based betting) and Class B (online betting) licensees was €296.6 million (US$317.24 million). The figure was €226.31 million (US$242.06 million) a year ago, representing a 31% rise.
The fourth quarter of 2022 is advantageous.
Class A recipients received €84.09 million (US$89.94 million) of the total revenue for Q4, while Class B recipients received €212.51 million (US$227.3 million). Class A grantees' gross revenue climbed by 20% compared to the fourth quarter of 2021, while the total for 2022 increased by 34%.
The gross receipts of Class B increased by 36% year on year. At the same time, the segment's full-year 2022 gross receipts improved by 10% above the full-year 2021 figures.
Overall Class A and B bettor winnings for 2022 increased by 22% over the amount for 2021. The consistent growing trend continued in Q4, totaling €265.67 million (U$284.16 million), a 34% increase over the fourth quarter of 2021.
In 2022, Class A and B betting earnings increased by 17% as compared to 2021. In just the fourth quarter, this figure increased by 11% to €30.93 million (US$33.08 million).
Class A betting receipts totaled €13.72 million (US$14.67 million), representing a 3% drop year on year. Class B betting, on the other hand, was €17.2 million (US$18.39 million), a 26% increase over the fourth quarter of 2021.
This reflected the number of physical attributes. In Q4 2021, the total number of Class A properties fell by 2%. In particular, licenced properties totaled 479 in Cyprus, with Nicosia and its 166 properties continuing to lead the way.
Limassol came in second with 142. Larnaca comes in third with 86, followed by Paphos and Famagusta with 52 and 33, respectively.
It's time to apply the brakes.
Revenue in 2022 was 3.55% of total GDP in Cyprus, over four times what it was six years previously. The performance alone generated €11.75 million (US$12.56 million) in tax income for the government. Nonetheless, the industry is changing.
In Cyprus, as in many other nations, the emphasis is on ethical gambling rather than revenue generating. As a result, the NBA is planning a number of new measures, such as addiction awareness and treatment programmes.
A new self-exclusion scheme is also in the works to assist those who believe they need to take a break from gaming. Any qualified Cypriot who currently participates in the government's Guaranteed Minimum Income (GMI) programme will be automatically included in this.
In other words, those who accept government help will be immediately self-excluded, according to the NBA. There has been no clarification on whether lottery purchases are included in this list, which purportedly encompasses all games of chance.
By fLEXI tEAM