Cyprus gambling sector revenues surpass $1 billion in 2023, marking 79% growth since 2020

Cyprus' National Betting Authority has reported a 79% surge in gambling revenue for 2023 compared to 2020, positioning the sector as a key contributor to the local economy.

The regulator announced on Tuesday that the gambling sector exceeded €1 billion ($1.1 billion) in revenue last year. The authority touted this growth as a notable milestone, noting that it now represents 3.72% of the country's GDP.

Over the four-year period from 2020 to 2023, the betting industry underwent rapid expansion, with revenue figures rising steadily each year. In 2020, betting revenues totaled €620.8 million ($689.23 million), followed by €783.5 million ($870.98 million) in 2021, and nearly €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.

Football remained the most popular sport for betting, both retail and online, followed by basketball and tennis. The authority also noted the increasing popularity of e-sports betting during this period, contributing to the overall rise in revenues.

The authority further stated that the sector’s growth signals its emergence as a stable pillar of the economy, "creating new prospects and challenges for all involved parties, as well as the conditions to attract foreign investments."

In addition to revenue growth, there was an expansion in employment within the industry. The number of employees working in betting premises increased from 1,223 in 2020 to 1,476 in 2023, marking a 21% rise. The total workforce of the industry now exceeds 1,700 people.

The National Betting Authority also highlighted its role in regulating the industry, ensuring compliance through over 22,000 inspections conducted during the four-year period. These inspections led to the imposition of fines totaling €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.