Strong growth in betting revenues
The betting market in Cyprus is experiencing one of its most dynamic periods, according to the latest data from the National Betting Authority, showing continuous growth and rapid digital transformation.
Total stakes in the market reached €1.326 billion in 2025, recording an 8% increase compared with 2024.
During the October–December 2025 quarter alone, total revenues from licensed betting operators stood at €395.5 million, marking a 22% rise year-on-year.
Online betting dominates the market
The betting market in Cyprus is now heavily dominated by online activity.
Of the €395.5 million generated in the last quarter, €301.4 million came from online platforms, while €94 million was generated through retail betting shops.
Online betting now accounts for more than 76% of total activity, reflecting a major shift in consumer behaviour driven by mobile apps and always-on access.
Online betting grew by 27% year-on-year, compared with 9% growth in retail outlets, widening the gap between digital and physical betting.
Rising profits and state revenues
Player winnings also increased significantly, reaching €348.1 million in the fourth quarter of 2025, a 25% annual rise. On a yearly basis, total payouts amounted to €1.165 billion.
Operators recorded gross revenues of €161.8 million for 2025, with €47.3 million generated in the final quarter alone.
State revenues also increased, with a 10% tax on betting income generating €16.2 million in 2025. Contributions to the National Betting Authority rose to €8.1 million, up 70% following regulatory adjustments.
Betting market as an economic pillar
Panayiotis Trisokkas described the sector as a key pillar of the Cypriot economy, highlighting its resilience and continued expansion despite wider economic pressures.
He noted ongoing regulatory reforms aimed at strengthening supervision, improving transparency and enhancing protections for players, while also boosting competitiveness and tackling illegal activity.
Retail betting shops in gradual decline
Despite strong market growth, retail betting outlets are gradually declining in several areas as activity shifts online.
In Limassol, for example, the number of outlets fell from 149 in 2022 to 135 in 2025, reflecting the impact of digital transformation on physical betting shops.
Growing concerns over youth exposure
Alongside economic growth, concerns are rising about the social impact of gambling, particularly among young people.
A recent ESPAD 2024 survey shows that 16% of 16-year-old students in Cyprus reported betting money in the past year. Of those, 6.1% showed signs of problematic gambling behaviour.
Experts warn that easy access to online platforms via mobile phones is increasing exposure, making enforcement of age restrictions more difficult despite legal limits of 18 for betting shops and 21 for casinos.
Authorities and specialists stress the need for stronger prevention, education and enforcement measures to address the growing risks associated with youth gambling.
Also read: Cyprus is losing tourists due to the ripple effects of the crisis
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