Revenues from betting activity in Cyprus maintained their upward momentum in 2024, surpassing €1.2 billion and confirming the sector’s continued expansion, according to financial results published by the National Betting Authority (NBA).
Total gross revenue from Class A (land-based) and Class B (online) betting for the year reached €1.224 bl, representing a 10 per cent increase compared to 2023 (€1.109 bl).
The data also showed that gross revenue for the fourth quarter of 2024 alone stood at €323.1 million, marginally down by 1 per cent from the corresponding period of 2023 (€325.6 million).
Of the Q4 total, €86.4 million came from Class A betting and €236.7m from Class B. Gross revenue from Class A operations declined by 5 per cent compared to Q4 2023, but still reflected a 3 per cent increase when compared to Q4 2022.
Meanwhile, online betting (Class B) revenue rose by 1 per cent year-on-year, and by 11 per cent compared to the same quarter of 2022.
Player winnings during the fourth quarter of 2024 reached €277.6m, marking a 5 per cent drop compared to the same period in 2023.
However, total player winnings for the full year increased to €1,066,904,183, representing an 8 per cent annual rise.
Of the Q4 total, €209.5 million were winnings from online betting.
Betting earnings for both classes in Q4 amounted to €45.5m, up 34 per cent from €33.8 million in the same quarter of 2023.
Earnings from Class A reached €18.2m (up 23 per cent), while Class B recorded €27.2m (up 43 per cent).
At the same time, the number of licensed Class A premises across Cyprus declined to 463 in Q4, reflecting a 6 per cent decrease year-on-year.
Of these, 162 are in Nicosia, 129 in Limassol, 87 in Larnaca, 51 in Paphos, and 34 in Famagusta.
The number of people employed at these premises fell slightly to 1,468, down by 1 per cent compared to the fourth quarter of 2023.
Cancellations and license withdrawals were also lower, with a 10 per cent decrease.
Efforts to clamp down on illegal betting activities intensified.
According to the authority, 257 unauthorised websites were added to the block list in Q4, up 10 per cent from the same period in 2023.
Finally, the total number of blocked sites now stands at 20,990.