Filenews 24 February 2024 - by Eleftheria Paizanou
More and more are trying their luck at gambling in a desperate attempt to increase their incomes, which are falling due to high living costs. This conclusion is drawn from the tax revenues that the state will have from the betting activity on the island.
According to the budget of the National Betting Authority (NBA), which will be discussed on Monday in the Parliamentary Committee on Finance, this year the revenues of the Authority are increased by 111.2% compared to last year. Specifically, the NBA's budget for 2024 is in surplus by €140,000, with revenues and expenses reaching €53.1 million. and €53 million. respectively.
The budgeted revenues for this year are more by €25.1 million. compared to last year (€28 million). In fact, over the next two years they are expected to increase further to €56.7 million. in 2025 and to €60.5 million. in 2026, as foreseen by the National Betting Authority.
Specifically, this year the revenues of the Authority will come from the imposition of a betting activity tax, which will amount to €18 million. This is the tax paid by the recipients of Class A (land betting), i.e. betting played at bookmakers, as well as Class B, which is online betting.
Recipients pay the state 10% of their net wagering earnings. NBA will also receive €22 million. from the tax on certain games of chance relating to the contract under negotiation with OPAP Cyprus. Another €3 million The National Betting Authority will put in its coffers from the imposition of a special fee from the granting of betting licenses to the recipients of the bet, to authorized dealers and to premises.
In addition, it will receive €3.7 million from the imposition of a license fee on OPAP Cyprus. The revenues from the contribution of betting activity by land-based and online betting recipients will rise to €5.4 million
This year, the expenses of the National Betting Authority are expected to double, essentially doubling to €53 million due to staff salaries and operating costs. It is noted that an amount of €47.5 million relate to expenses in relation to revenues and concern the return of the revenues collected to the state and are increased, due to the contract with OPAP, as well as the corresponding increase in revenues, based on the actual revenues of previous years and the rate of economic growth recorded by the betting services market over the last three years.
2% of net earnings go to the CMO
2% of the net remuneration from betting is paid to the CSO and 1% remains with the National Betting Authority for the purpose of strengthening mechanisms and programs for the protection of young persons as well as pathological gamblers. It will also receive an amount of €20 thousand, from the imposition of administrative fines and other revenues that essentially concern the balance of dormant accounts transferred to the Authority by bet recipients.
According to the law, in case no transaction occurs in the player's account for a period of 24 months, the recipient of an online betting provider transfers the balance of the account to the player, in an account designated by him, while, in case it is not detected, the amount is transferred to the National Betting Authority.
