Cyprus has emerged as a major player in the global gambling industry, with the sector contributing significantly to the local economy. In 2023, the National Betting Authority reported that gambling revenue surged by 79% compared to 2020, surpassing €1 billion for the first time. This remarkable growth has positioned the betting sector as a key economic driver, accounting for nearly 4% of the country’s GDP.
The rapid expansion of the betting industry in Cyprus is a testament to the country’s ability to attract both domestic and international players. Football, basketball, and tennis remain the most popular sports for betting, but the rise of e-sports betting has also contributed to the sector’s growth. The increasing popularity of online betting platforms has played a crucial role in driving revenues, offering a convenient and accessible way for bettors to engage with their favorite sports.
Beyond the revenue figures, the betting industry has also provided a boost to employment in Cyprus. The number of people employed in betting premises has risen steadily, with a 21% increase in staff between 2020 and 2023. This growth in employment highlights the sector’s broader impact on the local economy, creating jobs and supporting ancillary industries.
The government has also benefited from the betting boom, with tax revenues from the sector growing significantly over the past four years. In 2023, tax collections from betting activities reached €12.4 million, a substantial increase from the €8.9 million collected in 2020. These funds are crucial for supporting public services and infrastructure projects, further underscoring the importance of the betting industry to the country’s economic well-being.
Looking ahead, Cyprus’ betting industry faces both opportunities and challenges. The sector’s rapid growth has attracted the attention of foreign investors, creating new prospects for expansion. However, the industry must also navigate the complexities of regulatory compliance and responsible gambling initiatives to ensure sustainable growth.
In conclusion, Cyprus’ betting sector has become a cornerstone of the country’s economy, contributing to revenue growth, employment, and tax collection. As the industry continues to evolve, it will be essential for regulators, operators, and policymakers to work together to maintain the sector’s positive momentum while addressing the challenges that come with rapid expansion.
