Revenues from betting activity within Cyprus recorded an upward trend for another quarter, thereby confirming the dynamic and steady growth of the sector.
According to the financial results announced by the National Betting Authority for Q4 of 2023, the gross betting revenue of Class A (land-based betting) and Class B (online betting) recipients reached €325,601,464, marking an increase of 10 per cent compared to the corresponding quarter of 2022 (€296,607,170).
Moreover, total gross betting revenue for the year 2023 exceeded one billion euros, reaching €1,109,209,082. This represents a significant increase of 16 per cent, compared to 2022 (€959,557,906).
Of the total income of the recipients, €90,487,835 refers to Class A recipients, while €235,113,629 pertains to Class B recipients.
Additionally, Class A recipient gross revenue increased by 8 per cent compared to Q4 of 2022 while the total for the year 2023 recorded an increase of 12 per cent compared to the total for the year 2022.
On the other hand, Class B gross recipient revenue in Q4 of 2023 was up by 11 per cent compared to the same quarter in 2022, while total Class B revenue was up by 17 per cent year-over-year in 2022.
Furthermore, the profits of Class A and B players also moved steadily upward for another quarter, reaching €291,754,064, registering a 10 per cent increase compared to the corresponding period of 2022. Similarly, the total of the players’ profits for Class A and B for the year 2023 showed an increase of 17 per cent compared to the total for the year 2022.
It is noteworthy that the largest share of profits, specifically an amount of €216,072,279, was for one more quarter for Class B players.
Regarding Class A and B betting receipts, they amounted to €33,847,400, recording an increase of 9 per cent, compared to the corresponding quarter of the previous year (€30,934,442).
In particular, during Q4 of 2023, Class A betting receipts amounted to €14,806,050, marking an increase of 8 per cent, compared to the corresponding quarter of 2022.
Concurrently, Class B betting receipts amounted to €19,041,349, showing an increase of 11 per cent compared to the corresponding quarter of 2022.
According to the National Betting Authority, for the year 2023, there was a small increase of 6 per cent in Class A and B betting earnings compared to the year 2022.
The total number of Class A properties, during Q4 of 2023, increased slightly by 2 per cent, compared to the corresponding quarter of 2022. Specifically, the licensed properties amount to 490 in Cyprus.
Most are in Nicosia with 170 properties, followed by Limassol with 139, Larnaca with 90, Paphos with 54, and Famagusta with 37 properties.
As far as license cancellations or application withdrawals are concerned, there was an increase of 11 per cent compared to the corresponding quarter of 2022. The number of people employed in the licensed premises amounted to 1476, recording an increase of 4 per cent, compared to the corresponding period of the previous year.
Finally, the number of illegal websites blocked increased by 3 per cent compared to the Q3 of 2023, as a total of 496 illegal websites were added to the list. As reported, the list of illegal betting service websites now numbers 19,073 websites.
Source: Cyprus Mail
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