Cyprus Betting Authority Showcases Robust Q3 2023 Performance

The third quarter 2023 financial results published by the National Betting Authority provide a fascinating story of the betting industry’s continued expansion. The overall gross betting income, which includes the online Class B and land-based Class A categories, increased to €259,440,696. This is a remarkable 35% growth over the same period in 2021 and a significant 9% increase from the third quarter of 2022.

Class A vs. Class B

When the numbers are broken down, Class A donors made up €70,941,349, a substantial 21% increase from 2021 and an 8% increase from 2022. Class B beneficiaries, on the other hand, made a contribution of €188,499,347, a significant 41% increase from 2021 and a noteworthy 9% increase from 2022.

Profits for Class A and Class B players increased steadily, reaching a total of €232,011,110. This is an 11% rise from 2022 and a noteworthy 38% increase over the third quarter of 2021. This quarter, class B participants made up the majority of profits—€172,726,941 in total.

On the other hand, Class A and B betting receipts came to €27,429,585, which represents an 8% drop from the prior year. In particular, Class B betting revenues showed a 2% decline to €15,772,406, while Class A betting receipts decreased by 14% to €11,657,180.

During the third quarter of 2023, Class A properties had a 2% decline in comparison to the same time the year prior. Despite this, 490 Cypriots were employed at licensed establishments in important cities including Nicosia, Limassol, Larnaca, Paphos, and Famagusta. In comparison to 2022, the number of people working in licensed establishments rose by 3%, totaling 1472.

Regarding difficulties, compared to the same quarter in 2022, there was a 44% rise in license cancellations or withdrawals. Although there was a 2% rise in blocked websites from the second quarter of 2023 to the present, the report nonetheless showed encouraging measures to curb unlawful betting, with a total of 18,577 pages barred.