articles | 11 March 2023

Cyprus gaming revenue close to €1 billion in 2022

The gambling industry in Cyprus shows a steady upward trajectory according to the national betting authority which announced on Friday that the 2022 gross gaming revenue (GGR), near €960 million, increased by 22 per cent year-on-year.

The financial results showed the GGR reached €959,557,906 last year, compared to 2021, which stood at €783,494,421. In the fourth quarter of 2022, October to December, gross gaming revenue amounted to €296,607,170 representing an increase of 31 per cent compared to the same period in 2021 (€226,312,676). The statistics, which also showed an increase in player earnings, include Class A recipients concerning activities carried out at casinos and betting shops and Class B which concerns online betting.

The President of the betting agency, Ioanna Fiakou said the results of the fourth quarter of 2022 confirm in the best possible way the growth prospects of the sector. “A steady increase in all economic indicators of the betting activity is recorded, which proves the sustainable growth of the sector. “This is achieved through the strengthening of supervision and the implementation of new technologies and modern tools, while implementing policies and initiatives to protect players, vulnerable groups and society at large from the harmful consequences of betting.”

Of the total revenue of the recipients for Q4 2022, €84,091,389 relates to Class A recipients, while €212,515,781 relates to Class B recipients. The gross revenues of Class A recipients recorded an increase of 20 per cent compared to the fourth quarter of 2021, while the total for 2022 recorded an increase of 34 per cent compared to the total gross revenues of Class A recipients for the year 2021.

Class B recipient gross revenue recorded an increase of 36 per cent compared to the fourth quarter of 2021, while the total for the year 2022 Class B recipient gross revenue increased 10 per cent compared to the total for the year 2021. Total Class A and Class B player earnings for the year 2022 also increased 22 per cent compared to the total for the year 2021.

Players’ profits in Q4 last year amounted to €265,672,729, an increase of 34 per cent compared to Q4 2021. The National betting authority notes that the largest share of the profits, namely €195,308,233, was again this quarter attributable to Class B players.

For the year 2022 there was a 17 per cent increase in Class A and B betting earnings compared to the year 2021. In Q4 alone, these amounted to €30,934,442, an increase of 11 per cent, compared to €27,839,577 in the same quarter of the previous year. Specifically, Class A betting revenues amounted to €13,726,894, a slight decrease of 3 per cent compared to the corresponding quarter of 2021, while Class B betting revenues amounted to €17,207,548, an increase of 26 per cent compared to the fourth quarter of 2021. Meanwhile, the total number of Class A outlets recorded a minimal decrease of 2 per cent, compared to the fourth quarter of last year.

According to the agency, the number of licensed premises reached 479 nationwide, with Nicosia leading the way with 166 premises and Limassol following with 142 premises. Larnaca ranked third in the number of licensed premises with 86 premises. This is followed by Paphos with 52 premises and Famagusta with 33. In terms of cancellations or withdrawals of licenses, a significant decrease of 31 per cent was recorded compared to the fourth quarter of 2021. Employees in licensed establishments reached 1,422, recording a 6 per cent increase, compared to the same period last year.

In addition, a total of 17,340 websites were on block at the end of Q4 as illegal betting services websites for failing to secure a Class B licence, an increase in Q4 2022 of 2.1 per cent, compared to Q3 2022, with 357 illegal websites added to the list.

Source: Cyprus Mail

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