10% annual increase – Player winnings total €1,066,904,183 – Fight against illegal betting activity intensifies
Total gross revenues from the betting market in 2024 reached €1,224,576,082, recording a 10% increase compared to 2023, according to the National Betting Authority (NBA).
According to the financial results for the October–December 2024 period, the gross revenues from Class A (land-based betting) and Class B (online betting) licensees amounted to €323,184,347, showing a marginal decrease of 1% compared to the same period in 2023 (€325,601,464). However, on an annual basis, total gross revenues for 2024 reached €1,224,576,082—an increase of 10% compared to 2023.
According to the National Betting Authority’s announcement, out of the gross revenues for Q4, €86,396,615 came from Class A licensees and €236,787,732 from Class B licensees. Gross revenues from Class A saw a 5% decrease compared to the same period last year, but a 3% increase compared to 2022. On the other hand, Class B licensees showed a 1% increase compared to Q4 2023 and an 11% increase compared to Q4 2022.
As for total player winnings for the October–December 2024 period, these amounted to €277,686,311—a 5% decrease compared to the same period in 2023. Of this amount, €209,572,859 concerned Class B player winnings. On an annual basis, player winnings reached €1,066,904,183, recording an 8% increase compared to 2023.
According to the announcement, betting returns (i.e. the gross gaming revenue retained by operators) for Class A and B in Q4 2024 totalled €45,498,036—a 34% increase compared to Q4 2023 (€33,847,400). Specifically, Class A betting returns reached €18,283,163, an increase of 23%, while Class B returns hit €27,214,873, marking a significant 43% rise.
Regarding the number of Class A betting outlets, a 6% decrease was recorded compared to the same quarter in 2023, with the total number standing at 463 across Cyprus. Of these, 162 were located in Nicosia, 129 in Limassol, 87 in Larnaca, 51 in Paphos, and 34 in Famagusta.
The number of employees in licensed establishments stood at 1,468—a slight decrease of 1% compared to the same period last year. Licence cancellations and withdrawals also dropped by 10% compared to Q4 2023.
According to the announcement, significant progress was made in the effort to combat illegal betting activity. During the reporting period, 257 illegal websites were added to the blocking list—an increase of 10% compared to the same quarter the previous year. The total number of websites on the blocking list has now reached 20,990.
Interested parties can find detailed financial results and statistical data on the Authority’s website: www.nba.gov.cy.
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Source: CNA
