Filenews 6 February 2025 - by Charalambos Zakos
The days when bookmakers were on every corner of the streets of Cyprus seem to be long gone. At least this is deduced from the financial results of the National Betting Authority, which show a contraction over time in terrestrial betting, in contrast to online betting and betting revenues, which in recent years have recorded a significant upward trend.
Advances in technology, smart devices, and the investments made by betting companies themselves in this field have boosted online betting, since about 8 out of 10 players now choose online.
Indicatively, the latest data of the National Betting Authority are indicative, since during the third quarter of 2024 (July – September 2024) the betting revenues of Class A (land-based betting) and Class B (online betting) recipients amounted to €292,011,804, recording an increase of 13%, compared to the corresponding period of 2023. Of the total revenue, €77,364,686 comes from bookmakers, while €214,647,118 relates to online betting.
475 bookmakers left
The number of bookmakers decreased by 3% in the third quarter of 2024, compared to the corresponding period of 2023, as the licensed premises during this period amounted to 475 nationwide. Of these, 167 are located in Nicosia, followed by Limassol with 131 premises, Larnaca with 90 premises, Paphos with 52 and Famagusta with 35 premises.
Another interesting statistic is that the only city that saw an increase in the number of bookmakers was Larnaca. In particular, according to available data, betting shops in Larnaca increased to 90, compared to 88 in the corresponding period of 2023.
On the contrary, the largest decrease was recorded by Famagusta with 19%, Limassol with 6%, Paphos with 4% and Nicosia with 1%.
However, Limassol shows the largest decrease in real number of agencies over time, since from 149 in 2021 today 139 remain open.
In fact, according to data from the National Betting Authority, it seems that bookmakers, from 2017 until today, decreased by 25%. Indicatively, we should mention that in the corresponding period of 2023 the licensed premises were 490, in 2022 they were 498, in 2021 they were 496, in 2020 they were 507, in 2019 they were 550, in 2018 they were 564, while in 2017 it was 634.
They bet €292 million
According to the data, in terms of players' winnings in terrestrial and online betting, these amounted to €255,204,348, recording an increase of 10% compared to the corresponding quarter of 2023, while for the corresponding period of 2022, an increase of 22% is observed. The total amount of the bet was €292 million. The largest share of winnings was shared among online bettors, since of the €255 million, approximately €191 million related to profits of Class B players.
Employing 1,518 people
The data shows that sanctions and license withdrawals increased by 38%, compared to the same quarter of 2023. Employees in licensed premises amount to 1,518, recording an increase of 3%, compared to the corresponding period of 2023.
Thousands of illegal websites
The third quarter of 2024 saw a 1% increase in illegal websites blocked, compared to the second quarter of 2024. Specifically, in the quarter under review, 259 illegal websites were blocked, while this list totals 20,733 websites.
